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GST Council

GST on old used cars only when sale price higher than depreciated value

GST on old used cars only when sale price higher than depreciated value

Tue, Dec 24, 2024

A registered person will have to pay GST on sale of old and used vehicle only if the seller has earned a margin, which is the selling price is higher than the depreciation adjusted cost price of the vehicle, sources said.

GST Council clarifies on popcorn taxation

GST Council clarifies on popcorn taxation

Sat, Dec 21, 2024

GST Council on Saturday agreed to issue a clarification on taxation of popcorn, saying that pre-packed and labelled ready-to-eat snacks will attract a 12 per cent tax while an 18 per cent GST will be levied if it is caramelised.

55th GST Council Meeting: No GST payable on penal charges levied & collected by banks & NBFCs from borrowers for non-compliance, says Nirmala Sitharaman

55th GST Council Meeting: No GST payable on penal charges levied & collected by banks & NBFCs from borrowers for non-compliance, says Nirmala Sitharaman

Sat, Dec 21, 2024

The GST Council has made a host of decisions concerning a variety of areas including certain snacks, electric vehicles (EVs) and construction materials. Finance and Corporate Affairs Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council in Jaisalmer, Rajasthan. Here are some of the key takeaways from the 55th meeting of the GST Council.

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GoM on rate rationalisation defers report submission to GST Council

GoM on rate rationalisation defers report submission to GST Council

Sat, Dec 21, 2024

The GoM on GST rate rationalisation on Saturday deferred submission of its report, which suggested rate rationalisation in 148 items, to the GST Council, the panel's convenor and Bihar Deputy Chief Minister Samrat Chaudhary said.

GST Council postpones decision on slashing tax on life, health insurance

GST Council postpones decision on slashing tax on life, health insurance

Sat, Dec 21, 2024

The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.

GST Council Meeting: Packaged & labelled popcorn with added sugar to attract 18% rate, decision on insurance products deferred

GST Council Meeting: Packaged & labelled popcorn with added sugar to attract 18% rate, decision on insurance products deferred

Sat, Dec 21, 2024

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the 55th meeting of the GST Council in Jaisalmer, Rajasthan, on Saturday.

55th GST Council Meeting: Jet fuel inclusion, lower taxes on insurance policies to be considered

55th GST Council Meeting: Jet fuel inclusion, lower taxes on insurance policies to be considered

Sat, Dec 21, 2024

As the GST Council gathers up for its 55th meeting, a number of key decisions are in the spotlight, including a lower tax rate on insurance products and the inclusion of aviation turbine fuel (ATF) in the indirect tax regime. The meeting began in Jaisalmer in Rajasthan on Saturday morning. The all-powerful GST Council is chaired by Finance Minister Nirmala Sitharaman and comprises her state counterparts.

GST Council 55th Meeting: Finance Minister Nirmala Sitharaman to attend GST meeting on Saturday

GST Council 55th Meeting: Finance Minister Nirmala Sitharaman to attend GST meeting on Saturday

Fri, Dec 20, 2024

Local officials, including MLA Chotu Singh Bhati, District Collector Pratap Singh and SP Sudhir Chaudhary, ensured smooth logistics and security for the event. Over 2,000 security personnel have been deployed across the city, with extensive arrangements in place to ensure the safety of more than 250 VVIPs participating in the meeting.

GST Council to decide on cutting taxes on insurance premium, rate rejig on host of items

GST Council to decide on cutting taxes on insurance premium, rate rejig on host of items

Fri, Dec 20, 2024

In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, was used to compensate states for revenue loss incurred by them post the introduction of GST.

GST Council Proposes Tax-Free Health Premiums

GST Council Proposes Tax-Free Health Premiums

Thu, Nov 07, 2024

The GST Council is considering a proposal to make health insurance premiums tax-free. This move aims to reduce the financial burden on policyholders and promote wider access to healthcare coverage. If approved, the change could simplify tax calculations for individuals and encourage more people to invest in health insurance. This potential policy shift could have significant implications for the insurance industry and consumers alike

GST Council sets up GoM on compensation cess; panel to submit report by December 31

GST Council sets up GoM on compensation cess; panel to submit report by December 31

Fri, Sep 27, 2024

With just one-and-a-half year remaining for the cess to end, the GST Council in its 54th meeting on September 9 decided to set up a GoM to decide the future course of the cess.

GST Council: Rate rationalisation Group of Ministers to meet on September 25 to discuss slab, rate changes

GST Council: Rate rationalisation Group of Ministers to meet on September 25 to discuss slab, rate changes

Sun, Sep 22, 2024

During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data.

GST Council forms Group of Ministers to review tax rate on health, life insurance; report by October 30

GST Council forms Group of Ministers to review tax rate on health, life insurance; report by October 30

Sun, Sep 15, 2024

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM.

Breaking GST News: GoM to Deliver Report by October End!

Breaking GST News: GoM to Deliver Report by October End!

Mon, Sep 09, 2024

ABCD of GST decisions...more wait for cheap health insurance. GoM will give report by the end of October. Approval of formation of 2 new GoM panels. Know complete details in this video.

GST Council Updates: Major Tax Reductions on Medicines & Snacks!

GST Council Updates: Major Tax Reductions on Medicines & Snacks!

Mon, Sep 09, 2024

The important meeting of GST Council has ended. At this time Finance Minister Nirmala Sitharaman is holding a press conference. Tax cut on cancer medicines and salty items. It was decided to use steel scrap under reverse charge mechanism. Know complete details in this video.

GST Council Meeting: FM Nirmala Sitharaman chairs 54th GST meet in New Delhi

GST Council Meeting: FM Nirmala Sitharaman chairs 54th GST meet in New Delhi

Mon, Sep 09, 2024

GST Council Meeting: FM Nirmala Sitharaman chairs 54th GST meet in New Delhi

GST Council Meeting: Car seats to attract higher tax rate of 28%

GST Council Meeting: Car seats to attract higher tax rate of 28%

Mon, Sep 09, 2024

The Union Minister said that a key decision related to health regulations may be made in the next meeting after the Group of Ministers submits their report in October.

GST Council Meeting: Broad consensus on insurance premiums tax rate cut, decision in next meet: Report

GST Council Meeting: Broad consensus on insurance premiums tax rate cut, decision in next meet: Report

Mon, Sep 09, 2024

The Fitment Committee, comprising the Centre and state tax officials, on Monday presented a report giving data and analysis and implications of GST reduction on life, health and reinsurance premiums.

New members to be added to Group of Ministers on rate rationalisation: Finance Minister Nirmala Sitharaman after GST Council meeting

New members to be added to Group of Ministers on rate rationalisation: Finance Minister Nirmala Sitharaman after GST Council meeting

Mon, Sep 09, 2024

After a meeting of the all-powerful GST Council on Monday, September 9, Finance Minister Nirmala Sitharaman said that new members will be inducted to the Group of Ministers to deliberate on pressing issues.

GST Council to meet on September 9; here is what you can expect

GST Council to meet on September 9; here is what you can expect

Sun, Sep 08, 2024

Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications.

GST Council to meet on Sept 9, to start discussion on rate rationalisation

GST Council to meet on Sept 9, to start discussion on rate rationalisation

Tue, Aug 13, 2024

The GST Council, led by Union Finance Minister Nirmala Sitharaman, will hold its 54th meeting on September 9, 2024, in New Delhi. The agenda includes discussions on GST rate rationalisation, reducing tax slabs, and addressing duty inversion issues. The meeting will feature a presentation by the Group of Ministers on rate rationalisation and set the stage for future discussions on GST reforms.

GST Council set to meet on September 9; here is what you can expect

GST Council set to meet on September 9; here is what you can expect

Mon, Aug 12, 2024

On June 22, Finance Minister Nirmala Sitharaman said that the next meeting of the GST Council would take place in mid to late August.

GST Council okays uniform 12% GST on milk cans, cartons, water sprinklers

GST Council okays uniform 12% GST on milk cans, cartons, water sprinklers

Sat, Jun 22, 2024

The council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board.

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