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GST Meet Highlights: GoM Suggestions on GST Exemptions, Correction of Inverted Duty Accepted, Says FM

GST Council Meeting News LIVE: Finance minister Nirmala Sitharaman will announce the key decisions of 47th GST meeting soon. From rate rationalisation to states' compensations, here the key decisions of GST meeting

By: Business Desk

News18.com

Last Updated: June 29, 2022, 12:45 IST

GST, GST Council meeting, Nirmala Sitharaman

Finance minister Nirmala Sitharaman announced the outcome of the 47th Goods and Service Tax (GST) Council meeting on Wednesday. From revising rates of various items to levying an uniform GST rates, several key issues has been discussed during the two-day meeting in Chandigarh. “Highlight of this meeting was that we could consider, discuss and decide on four Group of Ministers (GoM) reports on exemptions, correction of inverted duty Read More

Jun 29, 2022 18:46 IST

GST Council Meet LIVE Updates: Big Relief to MSMEs

Mahesh Jaising, Partner and Leader – Indirect Tax, Deloitte India

Providing a big relief to MSME’s, the Council has also extended the INR 40-lakh threshold exemption for intra-state sales and the Rs 1.5-crore threshold under composition scheme to online sellers. This is a game-changer for the MSME sector who would now have access to e-commerce platform and this will enable more sellers to make the shift from online to offline.

Jun 29, 2022 18:10 IST

GST Council Meet LIVE Updates: GST Council to Meet Again in First Week of August to Discuss GST on Online Gaming, Casino, Horse Race

The council on Wednesday deferred a decision to impose 28 per cent GST on online gaming, casino and race courses, Sitharaman mentioned. The council asked the Group of Ministers to re-examine the issues in its terms of reference based on further inputs from states and submit its report within July 15. The GST Council will meet again at the starting of the next month to discuss this issue, Sitharaman said

Jun 29, 2022 17:39 IST

GST Council Meet LIVE Updates: 18% GST to be Levied on these Items

List of Items to Attract 18% GST

-Machines for cleaning, sorting or grading, seed, grain pulses; Machinery used in milling industry or for the working of cereals etc; Pawan Chakki that is Air Based Atta Chakki; Wet grinder

-Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce and its parts, Milking machines and dairy machinery

-LED Lamps, lights and fixture, their metal printed circuits board

-Drawing and marking out instruments

Jun 29, 2022 17:26 IST

GST Council Meet LIVE Updates: List of Items to Attract 18% GST

List of Items to Attract 18% GST

-Printing, writing or drawing ink will attract 18 per cent

-Knives with cutting blades, Paper knives, Pencil sharpeners and blades therefor, Spoons, forks, ladles, skimmers, cake-servers etc will attract 18 per cent

-Power driven pumps primarily designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps; Bicycle pumps will attract 18 per cent

Jun 29, 2022 16:59 IST

GST Council Meet LIVE Updates: No Discussion on GST on Virtual Digital Assets, Says FM

There has not been any discussion on GST on Virtual Digital Assets, says finance minister.

Jun 29, 2022 16:51 IST

GST Council Meet LIVE Updates: FM on State Compensation

A few states said that they would like compensation cess to continue for some time, finance minister Nirmala Sitharaman said. Few other states said that they also need to stand on their own, she added.

Jun 29, 2022 16:24 IST

GST Council Meet LIVE Updates: FM Mentions Highlight of 47th GST Meeting

Highlight of this meeting was that we could consider, discuss and decide on four GoM reports on exemptions, correction of inverted duty structure: FM

Jun 29, 2022 16:22 IST

GST Council Meet LIVE Updates: FM Sitharaman Addresses Media

GST Council decided on four GoM reports, which were part of the core agenda of this meeting, Sitharaman told reporters. GST Council has not yet taken up rate rationalidation, Sitharaman said.

Jun 29, 2022 16:20 IST

GST Council Meet LIVE Updates: Decision on Corrections of Invested Duties, Says FM

Rate rationalisation aspect of the Group of Ministers (GoM) headed by Karnataka chief minister not taken up, decisions taken on corrections of inverted duties, said finance minister Nirmala Sitharaman.

Jun 29, 2022 16:12 IST

GST Council Meet LIVE Updates: Nirmala Sitharaman Addresses Media

Finance minister Nirmala Sitharaman announces the outcome of 47th GST meeting

Jun 29, 2022 15:55 IST

GST Council Meet LIVE Updates

The 47th GST Council Meeting in Chandigarh concluded.

Jun 29, 2022 15:52 IST

GST Council Meet LIVE Updates: What to Get Expensive

Pre-packed and labelled meat (except frozen), fish, curd, paneer, honey, dried leguminous vegetables, dried makhana, wheat and other cereals, wheat or meslin flour, jaggery, puffed rice (muri), all goods and organic manure and coir pith compost will not be exempted from GST. There will be a 5 per cent GST on these items.

Jun 29, 2022 15:50 IST

GST Council Meet LIVE Updates: Revised Rates to Come into Effect from July 18, said Minister

Revised rates, as proposed by the Fitment Committee, and the interim report will come into effect from July 18, 2022, said Rajasthan minister Shanti Kumar Dhariwal.

Jun 29, 2022 15:46 IST

GST Council Meet LIVE Updates: Ease of Compliance for Taxpayers

To ease the burden on the taxpayers, the Goods and Service Tax (GST) Council has decided a host of changes in its meeting. In the wake of Covid-19 outbreak, the GST Council has waived requirement for filing refund claims by condoning the two-year period between March 1 2020 and February 28 2022, sources told.

Jun 29, 2022 15:42 IST

GST Council Meet LIVE Updates: States Opposed GST Rate Hike of Consumer Items, Said Minister

The states has opposed the proposed rate hike on various consuner items as it is likely to have an inflationary impact, said Rajasthan minister Shanti Kumar Dhariwal.

Jun 29, 2022 15:29 IST

GST Council Meet LIVE Updates: States that Go Against GST Council to be Isolated, Says Sushil Kumar Modi

States that seek to deviate from resolutions of the GST Council, India’s apex decision-making body under the Goods and Services Tax (GST) regime, will be isolated as other provinces will find it tough to do business with them, Sushil Kumar Modi said.

Jun 29, 2022 15:22 IST

GST Council Meet LIVE Updates: States Compensation to GST; What Minister Says

The states asked for five-year extension for GST compensation. However, Centre did not say anything in response, said Rajasthan minister Shanti Dhariwal

Jun 29, 2022 14:30 IST

GST Council Meet LIVE Updates: Why GoM Wants Uniform Tax on Online Gaming, Casinos

While suggesting a uniform tax rate and valuation method for these activists, the Group of Ministers, headed by Meghalaya Chief Minister Conrad Sangma, said for the purpose of levy of GST, no distinction should be made in these activities merely on the ground that an activity is a game of skill or of chance or both, PTI reported earlier.

Jun 29, 2022 14:19 IST

GST Council Meet LIVE Updates: GoM Given 15 More Days to Decide GST Rate on Online Gaming, Casino

The Group of Ministers (GoM) has been given 15 more days to iron out the issue of the valuation mechanism of online gaming, casinos and race courses and submit the report, Karnataka chief minister added.

Jun 29, 2022 14:13 IST

GST Council Meet LIVE Updates: GST Council Defers Proposal to Levy 28% GST

GST Council deferred the proposal to levy 28 per cent GST on casinos, online gaming, casinos and lottery, said Karnataka chief minister Basavaraj Bommai.

structure, finance minister,” said while announcing the outcome of the 47th GST meeting.

GST Council brought pre-packaged and labelled food items such as wheat flour, puffed rice, curd/lassi/buttermilk and paneer under the GST regime, according to sources. The council approved a proposal to levy a 12 per cent tax on hotel rooms charging below Rs 1,000 per day. The GST Council also decided to impose a five per cent GST without input tax credit on hospital rooms with rent above Rs 5,000, excluding intensive care units (ICUs).

“Significant progress has been made in this very significant meeting of the GST Council. The correction of inverted duty structure on several items and removal of exemptions based on the recommendations of the GoM on rate rationalization is good to note,” said Mahesh Jaising, Partner and leader, Indirect Tax, Deloitte India

“We will now have to wait for the final report on the actual rate rejig to be submitted for discussion before the council,” he added.

The council on Wednesday deferred a decision to implement 28 per cent GST on online gaming, casino and race courses, Sitharaman mentioned. The council asked the Group of Ministers to re-examine the issues in its terms of reference based on further inputs from states and submit its report within July 15. The GST Council will meet again at the starting of the next month to discuss this issue, finance minister said.

Providing a big relief to MSME’s, the Council has also extended the Rs 40-lakh threshold exemption for intra-state sales and the Rs 1.5-crore threshold under composition scheme to online sellers.

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