GST Council Meet

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

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GST Council also decided to clear the entire dues of GST compensation pending to states

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said. Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board. She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June. The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date. Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

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Issue of tax treatment of MUVs may be deferred at Feb 18 GST Council meet

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Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to ...

Defers the classification of crypto assets under GST regime

While the GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed

From next week, many household items, hotels, and bank services among other things will get costlier

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The 47th GST Council meeting took a host of decisions that will affect everyone. This report tells about the key outcomes of the meeting and its likely impact on the stakeholders

The next Goods and Services Tax (GST) Council meeting will be held in Tamil Nadu's Madurai in August, Union Finance Minister Nirmala Sitharaman said on Wednesday.

From revising some rates to deciding on the thorny issue of compensation extension for states, here is what the Council is likely to take up

West Bengal Finance Minister Chandrima Bhattacharya on Monday said she will be representing the state at the crucial two-day GST Council meeting in Chandigarh. The Council in its meeting starting Tuesday is slated to discuss an array of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks on some items and relaxed registration norms for small online suppliers. I have arrived for the meet along with other officials, including Additional Chief Secretary Manoj Pant, Bhattacharya, the Minister of State (Independent Charge), Department of Finance, told PTI over phone. The meeting will be chaired by Union Finance Minister Nirmala Sitharaman and comprise state counterparts. 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 Earlier this month, former West Bengal finance minister Amit Mitra had written to ...

The council will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion.

The GST Council at its meeting in Chandigarh this week is likely to make changes in goods and services tax rates on a handful of items

Currently, GST is a four-tier structure attracting tax rates of 5, 12, 18, and 28 per cent