The GST Councill meeting was held on Saturday with Finance Minister Nirmala Sitharaman as chair. In the meeting, the tax slab for used car has been changed.
The GST Council approved key reforms, including a track and trace mechanism to curb tax evasion, while deferring decisions on insurance premium tax cuts and forming a group of ministers to examine a calamity cess proposal.
The GST Council has postponed its decision on reducing tax rates for life and health insurance premiums. With further deliberations planned for January, key proposals include exemptions on term life insurance and premiums for senior citizens.
In total, the GoM on rate rationalisation will propose tax rate tweaks on 148 items to the GST Council. The GoM report is expected to be discussed by the GST Council on December 21.
Health insurance is an essential tool for financial protection against rising medical costs in India. By carefully choosing the right plan, people can ensure they are adequately protected against unforeseen health-related expenses.
There has been a widespread demand to remove the 18 per cent GST on health insurance premiums so that the extra burden is not imposed on the insured, thereby increasing the ambit of coverage.
The Union Finance Minister Nirmala Sitharaman will chair the 53rd Goods and Services Tax Council meeting, with finance ministers from states, among others in attendance.
GST Council meeting: Earlier the Ministry of Finance had said that the gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore. The monthly revenue is 10 per cent higher than the collection the same month the previous year.
Severa non-BJP ruled states want the compensation regime to be extended by 5 years or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent.
GST Council meet: The council may see a stormy discussion around compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June.
This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Council was held on May 18 and 19 in the city. GST rates on 1,211 items were approved at the two-day meeting.
GST Slabs Changes News: Reducing GST slabs will involve raising taxes on some items and a reduction as well on a few items.
The Supreme Court observed that GST Council is not merely a constitutional body restricted to the indirect tax system in India but is also an important focal point to foster federalism and democracy.
Bitcoin, the world's largest cryptocurrency by market value, has fallen by 50 per cent since its peak in November last year.
Sitharaman said GST Council is a body in which every finance minister from every state sits and decides on how the disbursements happen.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on Friday, which among other things may review tax rate of over four-dozen items.
Nirmala Sitharaman will preside over the 45th meeting of the Goods and Services Tax (GST) Council in Lucknow on Friday.
The GST Council on Saturday slashed the tax rate on coronavirus medicines such as Remdesivir and equipment like oxygen concentrators and medical grade oxygen.
The Delhi HC last week said that imposition of 12% IGST on oxygen concentrators for personal use or those received as gifts is 'unconstitutional'
In August, the Centre gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the Reserve Bank of India or Rs 2.35 lakh crore from the market. It had also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022 to repay the borrowing.
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