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June 29, 2022 / 08:17 PM IST

GST Council Meet Highlights | GoM report on exemption, inverted duty structure accepted; next meeting in August

GST Council Meet Highlights | The GoM on tribunals will be set up in a couple of days, Finance Minister Nirmala Sitharaman said, adding that their recommendations would likely be discussed at the next GST Council meeting in Madurai in first week of August.

GST Council Meet Highlights | The GST Council has accepted the recommendations of a group of ministers (GoM) on correcting the so-called inverted duty structure and pruning the list of exemptions, said Finance Minister Nirmala Sitharaman. The council has given the GoM more time to decide on rate rationalization measures, Nirmala Sitharaman told reporters after the two-day GST Council meeting ended in Chandigarh on June 29. The council also considered tax on online gaming, casinos

and horse racing and has given the GoM more time until July 15 to firm up its report after speaking to stakeholders.

  • GST Council Meet Highlights | GoM report on exemption, inverted duty structure accepted; next meeting in August
    Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol
    Moneycontrol.com
    HIGHLIGHTS
    • 05:39 PM IST

      EVs eligible for concessional GST rate of 5%

    • 05:05 PM IST

      GST Council's August meeting to be held in Tamil Nadu's Madurai

    • 04:50 PM IST

      GST Council did not discuss issue of crypto assets: FM

    • 04:34 PM IST

      GST Council decisions on exemptions, correction of inversion to come into effect on July 18: Revenue Secy

    • 04:32 PM IST

      GoM on rate rationalisation has been given three months: Tarun Bajaj

    • 04:30 PM IST

      Few states want GST compensation to continue for some time: FM

    • 04:27 PM IST

      Next GST Council meet on August 1 or first week of August: FM

    • 04:24 PM IST

      GoM report on casinos, online gaming to be submitted on July 15: Sitharaman

    • 04:22 PM IST

      GoM report on tax exemptions, correction of inversion accepted: Sitharaman

    • 04:17 PM IST

      GoM given more time for rate rationalisation report, says Sitharaman

    • 04:10 PM IST

      Discussion on crypto was not part of GST Council's agenda for this meeting

    • 03:48 PM IST

      'GST Council to meet next in August'

    • 03:46 PM IST

      Centre yet to respond on demand to extend GST compensation, says Puducherry minister

    • 03:45 PM IST

      All states, including BJP ruled, want GST compensation extended, says Tamil Nadu FM

    • 03:29 PM IST

      47th Council Meeting ends on its second day

    • 03:13 PM IST

      State Asked for 5-year Extension for GST Compensation, No Response From Centre: Shanti Dhariwal

    • 02:28 PM IST

      GST Council Deferred Proposal to Levy 28% GST on Casinos, Online Gaming, Casinos & Lottery: CM of Karnataka

    • 02:16 PM IST

      Online Gaming Should be Taxed at Full Value of the Consideration: Meghalaya CM Conrad Sangma

    • 01:04 PM IST

      Council provides relief to Transportation Industry

    • 12:44 PM IST

      Central Government has Delivered on Promise to give GST Compensation: Madhya Pradesh FM

    • 12:09 PM IST

      Uttrakhand FM Prem Chand Aggarwal to Demand Centre Help in Fighting Current Revenue Loss

    • 12:05 PM IST

      Have asked for extension of GST compensation in the past: Tamil Nadu FM Palanivel Thiaga Rajan

    • 11:30 AM IST

      States that go against GST Council will be isolated: Sushil Kumar Modi

    • 10:34 AM IST

      GST Council to Discuss Compensation to States, Tax on Online Gaming Today

    • 10:24 AM IST

      Compensation to states a bone of contention on day one of 47th GST Council meeting

  • June 29, 2022 / 08:14 PM IST

    The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.

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  • June 29, 2022 / 07:59 PM IST

    The GST Council has accepted the recommendations of a group of ministers (GoM) on correcting the so-called inverted duty structure and pruning the list of exemptions, while giving the panel three more months to decide on rate rationalization measures, officials said on June 29. Read full report.

  • June 29, 2022 / 05:41 PM IST

    GST Meet LIVE Updates | GST Council gives in-principal approval for relaxation in provisions for suppliers making supplies through e-commerce operators. The Council has also clarified that services provided by the guest anchors to TV channels in lieu of honorarium attract GST.

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  • June 29, 2022 / 05:40 PM IST

    GST Meet LIVE Updates | GST Council recommends that hotel accommodation priced up to Rs 1000 per day shall be taxed at 12 percent. It has also recommended that hospital room rent exceeding Rs 5000 per day per patient should be taxed to extent of amount charged for room at 5 percent without ITC.

  • June 29, 2022 / 05:39 PM IST

    GST Meeting LIVE Updates | GST Council clarifies electric vehicles, whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5 percent,

  • June 29, 2022 / 05:25 PM IST

    GST Council Meeting LIVE Updates | The following tax rate cuts have been recommended by the GST Council:

    - Slashing rate on ostomy, certain orthopedic appliances to 5 percent from 12 percent.
    - Lowering rate on transport of goods and passengers by ropeways to 5 percent from 18 percent.
    - Cutting rate on renting of truck/goods carriage where cost of fuel is included to 12 percent from 18 percent.

    - Slashing rate on ostomy, certain orthopedic appliances to 5 percent from 12 percent.

  • June 29, 2022 / 05:20 PM IST

    GST Council Meeting LIVE Updates | The following increase in tax rates has been recommended by the GST Council:

    - Hike in rate on printing, writing or drawing ink to 18 percent from 12 percent.

    - Hike in rate on LED Lamps, lights and fixture, their metal printed circuits board to 18 percent from 12 percent.

    - Hike in rate on Solar Water Heater and system to 12 percent from 5 percent.

    - Hike in rate on job work in relation to manufacture of leather goods and footwear to 12 percent from 5 percent.

    - Hike in rate on works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium to 18 percent from 12 percent.

    - Raising rate on Tetra Pak to 18 percent from 12 percent.

    - Raising rate on cut and polished diamonds to 1.5 percent from 0.25 percent.

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  • June 29, 2022 / 05:05 PM IST

    GST Council Meeting LIVE Updates | "On the invitation of the Tamil Nadu finance minister, the next GST Council meeting will be held in Maduraim," Finance Minister Sitharaman said, as the press briefing concluded. The meeting will be held either on August 1 or in the first week of August, she had earlier said.

  • June 29, 2022 / 05:00 PM IST

    GST Meet LIVE Updates | There was no opposition to tweaking rates at current GST Council meeting, FM Sitharaman said during the press briefing.