Diabytes
GST Council News
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For over a year, discussions have been going on to simplify the GST, but no progress has been made. Meanwhile, in June this year, India collected Rs 1.85 lakh crore in Goods and Services Tax (GST), a 6.2 per cent increase over the same month the previous year.
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FM Nirmala Sitharaman added that while some refinements are needed, the Council is very close to finalising key changes such as rate reductions, rationalisation, and slab adjustments.
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The GST Council, which includes representatives from both the central and state governments, meets regularly to review tax policies and make necessary adjustments to ensure a fair and balanced taxation system.
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The GST Council also discussed the imposition of GST on quick commerce services, e-commerce, and food delivery platforms, but no decision was reached.
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GST Council 55th Meeting: The premium paid by senior citizens towards health insurance coverage has been proposed to be exempted from the tax.
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A significant agenda for the GST Council is the proposed rate cut on term health and life insurance premiums.
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GST on premiums paid by individuals, other than senior citizens, for health insurance of up to Rs 5 lakh, is proposed to be exempted.
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The GoM members also decided to lower tax rates on 20-litre packaged drinking water bottles and bicycles to 5 per cent from 18 per cent.
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The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance.
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Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax.
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Currently, 18 per cent GST is levied on health and life insurance premiums.
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Reports suggest that if GST is applied retrospectively, payment aggregators may issue legal notices to millions of merchants nationwide to recover the tax.
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In its meeting on Saturday, the 52nd GST Council extended the deadline for GST-registered enterprises to file appeals with an increased pre-deposit of 12.5 percent of the tax demand.
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The GST Council has also decided to review the decisions on the rate of tax and valuation after six months of implementation of the amendments, giving some hope to the industry.
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The panel had at its last meeting decided to levy a 28 percent GST on the full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it.
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The GST council has set new rules to identify SUVs, and the body style will now attract more taxes as the councils sets new cess slabs.
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Addressing a press conference after the marathon eight-hours-long meeting, Sitharaman said that tax exemption has also been extended to satellite launch services provided by private parties.
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Setting up of a GST Tribunal and framing of their rules may also be taken up for discussion during the meeting.
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Under ONDC, a buyer places an order with an e-commerce platform, which itself procures that consignment from another e-commerce platform.
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Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event.
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