49th GST Council Meeting Updates: Finance Minister Nirmala Sitharaman chaired the 49th GST Council meeting today in Delhi with Minister of State for Finance Pankaj Chaudhary, her state counterparts and other senior officers.
Post the meeting, FM stated that compensation cess to states for June 2022 will be cleared today, while also announcing rate cuts on certain items. Check all details here.
The live blog session has concluded. For more news, views and updates, stay tuned withMoneycontrol.com.
GST Council Meeting: Outstanding GST compensation of 5 years cleared, says FM
Union Finance Minister Nirmala Sitharaman said on February 18 that the entire outstanding GST (goods and services tax) compensation cess dues to states for the five year period will be cleared today with the payment of Rs 16,982 cr remaining for June 2022 and an additional Rs 16,524 cr to six states.
GST Council Meeting updates: Experts' comments
"Kudos to the GST Council for forging consensus on the much-delayed commission of Appellate Tribunal with some amendments in the structure. So far as the levy on PAN masala and gutka goes, the proven tool of MRP-based Cess has been brought back," commented Shailendra Kumar, Chairman, TIOL Knowledge Foundation, a fiscal think tank.
"Thousands of matters have already piled up as pending to be heard by Tribunals in the last five years and the setting up of Tribunals is the need of the hour from the last two years now. The matter of amendment for setting up of GST Tribunals would be made in Finance Bill 2023 itself and the same would be enacted with The Finance Act 2023... itdoes not seem that the GSTAT will be operational before the end of 2023," said Vivek Jalan, Partner, Tax Connect Advisory, a multi-disciplinary tax consultancy firm.
Council may take proposal on rationalisation of GST rate on cement in its next meeting, sources to CNBC-TV18.
Proposal from the industry has been sent to the fitment committee for a discussion, sources add
49th GST Council Meeting: A lowdown on FM Nirmala Sitharaman's annoucements
-Entire Rs 16,982 crore of GST compensation cess to states for June 2022 to be cleared today
-Decision on GST Appellate Tribunal accepted with change in language. The modification in draft will be circulated in next 5-6 days
-By early March, the final report on appellate tribunal likely to be passed by Finance Minister: Govt source to Moneycontrol
-GST Council decides to reduce GST on pencil sharpeners, and certain tracking devices
-Exemption on coal rejects supplied by and to the washeries approved by Council
-GST on a type of liquid jaggery reduced to nil from 18% if its loose. If its pre-packaged and labelled, the tax rate on this will be 5%, nil if it is loose
-GoM report on taxation for pan masala accepted
-GST Council also recommended rationalisation of late fee for delayed filing of annual returns
-No recommendation for fitment committee for SUVs and MUVs
GST Council Meeting Updates
We also released Rs 16,524 crore to six states based on the AG certificates we have received: FM Sitharaman
"We will continue clearing any pending compensation cess amounts of states as and when they give their AG certificates. But even when in cases AG certification has not been received, we have released 90% of the monthly compensation cess amount. When we get the AG certification from the states, we will reconcile the remaining amount and release it to the states."
GST Council Meeting updates: GoM report on online gaming
GoM report on online gaming could not be taken up at today’s meeting as the chair of the GoM, Meghalaya chief minister Conrad Sangma is there and he was unable to come because of the elections in the state: FM Sitharaman
GST Council Meeting LIVE:
Decision on GST Appellate Tribunal accepted with change in language. The modification in draft will be circulated in next 5-6 days, says FM
GST Council Meeting: No recommendation for fitment committee for SUVs and MUVs
On SUVs and MUVs, there was no recommendation from the fitment committee as they weren’t able to arrive at a decision. The matter will be re-looked and presented at the next Council meeting: Revenue Secretary Sanjay Malhotra during the press conference.
GST Council on compensation cess to states: Breakup
For June 2022, 50% of the provisional GST compensation cess amount was released earlier. Now, we are releasing 50% amounting to Rs 16,982 crore. This will be from the funds of the Centre, which will be recouped later from the cess:RevenueSecretary SanjayMalhotra
GST Council also recommended rationalisation of late fee for delayed filing of annual returns: FM
GST Council Meeting: FM Sitharaman says GoM report on taxation for pan masala accepted
FM: GoM report on capacity based taxation for pan masala has been accepted
FM: GoM on appellate tribunals approved with certain modifications
FM: A final draft of GoM on appellate tribunal will be sent to members in a few days
49th GST Council Meeting Outcome on taxation of liquid jaggery
GST on a type of liquid jaggery reduced to nil from 18% if its loose. If its pre-packaged and labelled, the tax rate on this will be 5%, nil if it is losse: FM
Raab is a kind of liquid jaggery which is so typical to Uttar Pradesh & other jaggery-producing states: FM
GST Council decided to tax services supplied by courts and tribunals under the reverse charge mechanism: FM
GST Council Meeting outcome: Exemption on coal rejects supplied by and to the washeries approved by Council, says FM
FM Sitharaman on GST compensation: Entire Rs 16,982 crore of GST compensation cess to states to be cleared today
With the release of pending GST compensation cess today, all provisional amount pending would have been cleared: FM Sitharaman
Although this amount is not really available in the compensation fund as of today, we have decided to release this amount from our own resources and the same amount will be recouped from the future compensation cess collection: FM
With this release, the Centre would clear the entire provisionally admissible compensation cess dues for 5 years as envisaged in the GST (Compensation to States) Act, 2017: FM
GST Council Meeting LIVE updates:
Finance Minister Nirmala Sitharaman: Two GoM reports have been accepted. One with slight modifications and with the understanding that some small amendments will be needed in the language of the relevant bill.
49th GST Council Meeting LIVE: FM Nirmala Sitharaman to brief media shortly on the outcomes
During the meeting, the finance minister discussed setting up appellate tribunals and curbing tax evasion in pan masala and gutkha businesses.
GST Council Meeting: Tamil Nadu FM P Thaiga Rajan
--Thirteen members of GST Council expressed interest for state tribunals
--GST compensation to states pertaining to 2020-21 has been released today
--Tamil Nadu is expected to receive 14,233 crore
49th GST Council Meeting Updates: Rate reduction on pencil sharpeners approved, says Tamil Nadu FM
Proposal for rate reduction on health-based millet products sent back to fitment committee, adds P Thiaga Rajan
49th GST Council Meeting Updates:
--States raised issue of wrong calculation of GST compensation of 2021-22
--GoM on online gaming report not on agenda: Tamil Nadu Finance Minister
49th GST Council Meeting Live: Council close to consensus on formation of Appellate Tribunal, says Tamil Nadu FM
--Tamil Nadu FMP Thiaga Rajan: Council close to consensus on formation of GST Appellate Tribunal
--Expecting written document later on formation of GST Appellate Tribunal: TN FM
--Council discussed Clarification on selection committee for Appellate Tribunal, state tribunals, structural issues
--Tamil Nadu FM: Some states including Tamil Nadu raised issues on formation on state appellate tribunalsas benches of national tribunal
49th GST Council Meeting Live
: Appellate Tribunal subject postponed for next time after incorporating suggestions from states, say sources to CNBC-TV18
GST Council Meeting Live Updates:
FM will brief media about outcomes of 49th GST council meetingat 4.15 pm (tentative), today, 18th Feb, 2023,Press Conference Hall, National Media Centre.
GST Council Meeting Live Updates:
Sources claim that the GST Council is expected to impose GST on "Pan Masala" manufacture, which is now only permitted at Capacity. Also, it can lower the GST rate on pencil sharpeners from 18% to 12%.
GST Council Meeting Live Updates:
The meeting comes on the back of FM Nirmala Sitharaman’s statement that states need to reach an agreement for petroleum products to come under GST.
GST Council Meeting Live Updates: A glimspe from the meeting
GST Council Meeting Live Updates: We've agendas to discuss at GST Council Meeting, says KN Balagopal
We've agendas to discuss at GST Council Meeting.Almost all states are asking for extension of GST compensation period, GST Appellate Tribunal, more share of the central taxes & stop cess of petrol & diesel as they aren't giving it to any states: KN Balagopal, Kerala FM
GST Council Meeting Live Updates: 49th meeting of GST Council underway in New Delhi
The meeting is being Chaired by Finance Minister Nirmala Sitharaman. The 49th meeting of GST Council is being held after presentation of the union budget earlier this month.
GST Council Meeting Live Updates:
Along with the Union Finance Minister, Union Minister of State for FinancePankaj Chaudhary, besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting.
GST Council Meeting Live Updates: 49th meeting of the GST Council begins at Vigyan Bhawan
49th GST Council Meeting Live Updates
The GST Council is an apex member committee for modifying, reconciling, or procuring any law or regulation in the context of goods and services tax. Finance ministers from all Indian states assist Nirmala Sitharaman, who heads the council.
The last GST council meeting was held on 22nd December 2022, which was the 48th meeting. The meeting was chaired by Nirmala Sitharaman, the Finance Minister.
49th GST Council Meeting Live: Here is the agenda for today
During the GST Council meeting on February 18, the issue of creating appellate tribunals and mechanisms to curb tax evasion in pan masala and gutkha is likely to be discussed.
At the GST Council meeting, chaired by Nirmala Sitharaman and including her state counterparts, the report of the panel of ministers on online gaming and casinos may not be discussed.
Those topics, which were not discussed by the GST Council at its last meeting on December 17, 2022, will top the agenda at the 49th GST Council meeting on February 18. A report by the Group of Ministers (GoM), led by Odisha finance minister Niranjan Pujari, on checking tax evasion by the pan masala and gutkha industries will be discussed.
Dushyant Chautala, Haryana's deputy chief minister, chaired the GoM on Goods and Services Tax Appellate Tribunals last July. According to the GoM, the tribunals should have two judicial members and one technical member each from the Centre and the states, as well as a retired Supreme Court judge as president.
It is unlikely that the report of the panel headed by Meghalaya chief minister Conrad Sangma on online gaming will be discussed. Before the report can be discussed by the Council, it must be circulated to states and submitted to the Union finance minister.
A GST of 28 percent had been agreed upon by the GoM in its last meeting in November. It was, however, decided by the GoM to refer all suggestions to the GST Council for a final decision since there was no consensus as to whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants.
Online gaming currently attracts 18 percent GST. Fees charged by online gaming portals are subject to tax, which is based on gross gaming revenue.
Karnataka collected record GST of Rs 6,085 cr in January: CM Bommai
Basavaraj Bommai, the chief minister of Karnataka, announced on Saturday that the state collected Rs 6,085 crore in Goods and Service Tax during January.
The Chief Minister also credited reforms, vigilance, and better compliance by taxpayers for making this happen.
"A record collection of 6,085 crore has been made under GST this month. Karnataka continues to be state with the highest growth rate of 30% in the GST tax collection," Bommai tweeted.
"This year's remarkable mop up is due to measures undertaken for reforms, focused vigilance, recovery in economy and better compliance by taxpayers. This augmentation to revenue will allow the government to present a better budget this year," he added.
Scrap steel industry urges a ‘reverse charge mechanism’ in GST
The meeting is likely to discuss setting up appellate tribunals & mechanisms to curb tax evasion in pan masala & gutkha business
Casinos, horse racing, and online gaming: GoM failed to reach agreement
In addition, the official quoted above does not expect to discuss a cess on multi-utility vehicles at this meeting. During the 48th GST Council meeting, the 22% cess for SUVs meeting four specifications was clarified.
According to Nirmala Sitharaman during a post-meeting press conference in December, the GST Council expressed interest in including MUVs in the cess, but the matter has been referred to the fitment committee.
49th meeting of GST Council to take place in New Delhi
The 49th meeting of the GST Council will be held in New Delhi today, February 18. Chaired by Finance Minister Nirmala Sitharaman, the meeting is likely to discuss setting up appellate tribunals and mechanisms to curb tax evasion in pan masala and gutkha business.
GST Council tackling issues but major headaches remain
The Goods and Services Tax (GST) Council will meet for the 49th time on February 18. The meeting, set to be held in the Capital, will perhaps not result in any landmark decisions. But the fact that the meeting is taking place is worth noting in itself. Read More
Petroleum products to be included in GST framework once states agree: FM
A state agreement in this regard must be reached before petroleum products can be included in the Goods and Services Tax (GST) framework, finance minister Nirmala Sitharaman said on Wednesday.
To promote growth, the government has also increased public expenditure over the years, Sitharaman said.
"The provision is already available for petroleum products to be brought into the GST. My predecessor had already made the window kept open," she said while speaking at the Post-Budget interactive session with the members of the industry chamber PHDCCI.
GST Council to discuss GoM reports on appellate tribunals, tax evasion by gutkha firms on Feb 18
Tax evasion in pan masala and gutkha businesses is likely to be discussed at the GST Council meeting on Saturday, according to reports.
At the GST Council meeting, chaired by Nirmala Sitharaman and including her state counterparts, the report of the panel of ministers on online gaming and casinos may not be discussed.
On February 18, the 49th GST Council meeting will discuss items that could not be discussed in its last meeting on December 17, 2022.
In addition, the report by the Group of Ministers (GoM), led by Odisha finance minister Niranjan Pujari, on preventing pan masala and gutkha industries from evading taxes will be discussed.
A retired judge should be the president of the tribunals, and a judicial member from each state and the Centre should serve as a technical member.
It is unlikely that the report of the panel headed by Meghalaya chief minister Conrad Sangma on online gaming will be discussed. Before the report can be discussed by the Council, it must be circulated to states and submitted to the Union finance minister.
Raise GST exemption limit to Rs 1.5 cr, do away with state-wise registration of biz: GTRI
Economic think tank GTRI said on Friday that the GST exemption threshold should be raised to Rs 1.5 crore and that state-level registration should be ditched to ease compliance.
There are over 1.4 crore registered taxpayers on the GST network, making it the largest indirect tax platform in the world.
"The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth.
Amit Mitra appeals to Sitharaman to address cases of overregulation today
In a letter to Nirmala Sitharaman on Friday, the West Bengal government urged her to call a special meeting of the GST Council to address cases of massive overregulation, and the current state of MSMEs enrolled in the GST program.
Mamata Banerjee's chief advisor Dr Amit Mitra wrote to Sitharaman that "labyrinthine regulatory structures have engulfed MSMEs in particular, dragging them to an abyss".
"I urge you to call a special and exclusive meeting of the GST Council to address the case of massive overregulation and the current state of the MSMEs who have dared to register under the GST regime in their quest to become formal," Mitra wrote in the three-page letter.
GST Council set to provide cost reductions to coal washeries by extending exemption: Reports
To avoid double taxation, the goods and services tax council may extend the exemption from compensation cess on coal rejects supplied to and consumed by washeries at its meeting on February 18, according to sources.
“The fitment committee has recommended that exemption benefit should cover rejects supplied to and by a washery, arising out of coal on which compensation cess has been paid and no input tax credit thereof has been availed by any person. The proposal is likely to be discussed and approved by the Council,” an official said on condition of anonymity. Read More
Good morning and welcome to Moneycontrol's live coverage of the 49th GST Council Meeting scheduled for today. Stay tuned for the latest updates and more!
