GST Council Meeting Live Updates: Finance Minister Nirmala Sitharaman virtually chaired the 48th meeting of the goods and services tax (GST) Council meeting on December 17.
The GST Council recommended three types of offences be decriminalized. No decision on taxation of tobacco and gutka was taken, despite it being among the prominent issues on the Council meeting's agenda today.
Also Read | 48th GST Council Meeting: Key highlights
The Council also announced that insurance companies' no claim bonus will not attract GST from now. The finance minister said that no tax increase has been declared on any item today.
In another key decision, the Council has doubled the threshold for launching prosecution from Rs 1 crore to Rs 2 crore. It has further decided to reduce the compounding amount from the present range of 50 to 150 percent of tax amount to the range of 25 to 100 percent.
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GST Council Meeting Live Updates | GST on husk of pulses reduced to 5%; tax on ethyl alcohol or biofuel down to 5%
-No tax increase on any item was announced at today's meeting. Revenue Secy said GST on online gaming and casinos was not discussed as the report of GoM on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added.
-GST reduction on husk on pulses was announced. Tax on husk reduced to nil from five percent. Ethyl alcohol or biofuel- supplied to refineries for blending with motor spirit (petrol) down to five percent from 18 percent.
GST Council Meeting Live Updates | Check all GST Council Meeting Highlights at a glance
-The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could not be taken up.
-GST rate on "ethyl alcohol supplied to refineries for blending with motor spirit (petrol)" has been reduced from 18 percent to five percent.
Check all highlights of today's GST Council Meeting Here
GST Council Meeting Live Updates | GST Council doubled the threshold for launching persecution to Rs 2 crore
-In another key decision, the GST Council has doubled the threshold for launching prosecution to Rs 2 crore. It has further decided to reduce the compounding amount from the present range of 50 to 150 percent of tax amount to the range of 25 to 100 percent.
GST Council Meeting Live Updates | The 3 types of offences decriminalised at today's GST Council Meeting are as follows-
-The offences which are to be decriminalised are - "obstruction or preventing any officer in discharge of his duties"; "deliberate tempering of material evidence"; and "failure to supply the information", stated the government'spress release.
GST Council Meeting Live Updates | GST Council couldn't discuss taxation on tobacco and gutkha due to paucity of time
-Finance Minister Nirmala Sitharaman said that the GST Council could not discuss the taxation on tobacco and gutkha due to paucity of time today. No decision has been taken on the next meeting of the GST Council, she added.
GST Council Meeting Live Updates | No tax increase announced on any item at today's GST Council meeting: FM Sitharaman ##GST Council Meeting Live Updates
-There has been no tax increase on any item at today's GST Council meeting, said Finance Minister
-Members of the GST Council agree, although it was not discussed at today's meeting, that focus should be on increasing the tax base, she added.
GST Council Meeting Live Updates | Not enough time to circulate online gaming report: Revenue Secy
-We received the report by GoM on online gaming only a couple of days ago. So there was not enough time to circulate it, said Revenue Secretary Sanjay Malhotra
-GoM's report on GST rate rationalisation hasn't reached us yet, said Finance Minister Nirmala Sitharaman
GST Council Meeting Live Updates | GST Council recommended three types of offences be decriminalized: Revenue Secretary Sanjay Malhotra
-GST Council today recommended three types of offences be decriminalized
-2 GoM issues could not be taken up today, including setting up of a GST tribunal.
-GST Council has clarified that insurance companies' no claim bonus will not attract tax
GST Council Meeting Live Updates | 48th GST Council Meeting had 15 items on agenda, of which 8 were completed: FM
-The 48th meeting of GST Council had 15 items on agenda, of which 8 were completed and the rest will be finished at the next meeting, said Finance Minister Nirmala Sitharaman at the press briefing.2 GoM issues could not be taken up today, including setting up of a GST tribunal.
GST Council Meeting Live Updates | Decriminalising offences, curbing tax evasion in chewing tobacco on agenda
-Decriminalisation of offences under the GST law, setting up appellate tribunals and a mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting. Also, GST on online gaming and casinos may come up for deliberations at the Council meeting.
-The GST Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services.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 increase the monetary threshold for launching prosecution for GST offences.READ MORE Here
GST Council Meeting Live Updates | Finance Minister Nirmala Sitharaman chairs 48th GST Council Meeting Today
GST Council Meeting Live Updates
| Good afternoonand welcome to Moneycontrol's LIVE coverage of the GST Council Meeting today on December 17, 2022. Stay tuned for the latest news, developments, and analysis!
