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GST Council clears proposal to remove tax exemptions on few items: Key updates

Finance Minister Nirmala Sitharaman chaired the GST Council meeting, in Chandigarh (PTI)Premium
Finance Minister Nirmala Sitharaman chaired the GST Council meeting, in Chandigarh (PTI)

  • GST Council Meeting: The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place tomorrow

Many important decisions are expected to be taken at the 47th meeting of GST Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts. The Council is also set to discuss compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June. GST was introduced from July 1, 2017, and states were assured of compensation for the revenue loss, till June 2022, arising on account of GST roll out.

 

28 Jun 2022, 09:23:43 PM IST

Key points from GST Council meeting today

The 47th GST Council meeting on Tuesday approved a host of compliance procedures for GST-registered businesses along with the group of ministers (GoM) report on high-risk tax payers to check evasion. Click here to know more

28 Jun 2022, 09:22:09 PM IST

Pre-packed labelled food items to attract GST

Pre-packed and labelled food items such as meat, fish, curd, paneer and honey will now attract GST, a tax that will also be levied on the fee that banks charge for the issue of cheques.

28 Jun 2022, 06:55:06 PM IST

Oppn-ruled states demand continuation of GST compensation

States ruled by Opposition parties have demanded that either the revenue sharing formula under the GST regime should be changed or the compensation period should be extended by five years, amid concerns over revenue losses.

28 Jun 2022, 06:25:30 PM IST

28% GST on casinos, online gaming and horse racing to be discussed tomorrow

The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.

28 Jun 2022, 06:20:10 PM IST

GST council clears proposal to remove tax exemptions on some items

The GST Council has approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones.

The Council also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion.

28 Jun 2022, 05:47:18 PM IST

Today's GST Council meeting ends, Council to meet tomorrow

Today's meeting of the GST Council is over, the Council will meet again on Wednesday.

28 Jun 2022, 05:44:59 PM IST

GST Council accepts interim report of GoM on rate rationalisation

The GST Council has accepted an interim report of the Group of Ministers on rate rationalisation.

28 Jun 2022, 05:03:17 PM IST

FM Sitharaman interacts with BJP's Kirron Kher in Chandigarh

FM Sitharaman interacts with BJP's Kirron Kher on the sidelines of the 47th GST Council meeting in Chandigarh.

28 Jun 2022, 04:06:54 PM IST

Mamata advisor Amit Mitra on consensus decision making

Mamata advisor Amit Mitra asks Centre to make decisions at GST council meet by consensus shunning majoritarianism, as per SC ruling.

28 Jun 2022, 03:29:56 PM IST

Oppn-ruled states demand changing revenue sharing formula between Centre-states

With compensation to states for loss of revenue from the implementation of GST ending this month, states ruled by non-NDA parties have started clamouring for changing the revenue sharing formula to protect their revenues.

28 Jun 2022, 03:28:47 PM IST

To prevent GST evasion, a new plan is on the cards

The Goods and Services Tax Council will consider several measures to prevent tax evasion at its two-day meeting starting Tuesday as central and state governments face increasing pressure to mobilize revenue to manage spiralling deficits. Read more

28 Jun 2022, 03:19:26 PM IST

'Extend GST compensation to states by 5 years or raise share'

Chhattisgarh commercial taxes minister T S Singh Deo on Tuesday urged the union finance minister Nirmala Sitharaman to extend the goods and services (GST) tax compensation for the states beyond 30 June in view of revenue challenges faced by mining and manufacturing states under the GST regime. Read more

28 Jun 2022, 03:15:31 PM IST

The road ahead for GST as it completes 5 years

The meeting is crucial, coming at a time central and state governments are facing stiff fiscal challenges. Mint examines what the Council is upto. Read more

28 Jun 2022, 03:11:29 PM IST

States' compensation, easier e-comm suppliers' registration, tax tweaks on cards

The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers.

The meeting of the Council will also clear levying the highest tax of 28% on online games, casinos and horse racing, besides, measures to curb tax evasion, especially devising ways to tackle high-risk taxpayers in GST.

28 Jun 2022, 03:09:08 PM IST

GSTC to discuss removing exemptions on host of services

The GST Council will deliberate on the recommendations for withdrawal of GST exemption on a host of services including on hotel accommodation of less than 1,000 per day.

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