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Lower tax on cement and stable production costs should benefit cement companies. However, does it change the investment outlook for cement majors?
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Jharkhand Finance Minister Radhakrishna Kishore stated that around 75 to 80 per cent of coal and steel production from Jharkhand is consumed outside the state. Thus, the benefits of GST are accruing to consumer states.
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The new rate structure will be applicable from September 22 and could lead to a revenue shortfall of Rs 93,000 crore
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The states are Himachal Pradesh, Jharkhand, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal and Karnataka
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The compensation cess, levied on luxury goods, tobacco, coal, and SUVs, is expected to bring in Rs 1.67 lakh crore this fiscal year.
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According to Nomura, the GST Council may scrap the 12 percent slab in its upcoming meeting, potentially lowering taxes on tractors, air conditioners, and term life insurance
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The exemption applies to universities and research centres that have been established by state or central government law.
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Rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab has been reduced from 12 to 5 per cent.
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Here are the top headlines of the day:
GST Council ‘aligned’ on the need to cut insurance premiums, specific proposal referred to GoM; Bajaj Housing Finance IPO fully subscribed in just 4 hours after opening; EVs will cost the same as petrol and diesel vehicles in 2 years, says Nitin Gadkari; Nifty snaps 3-day fall, 25,000-25,100 major hurdles; GMR Airports to acquire 10% in DIAL for $126 million
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The last council meet provided relief for taxpayers who received demand notices between 2017 and 2021 under Section 16 (4). It is expected to be notified after September 9.
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GST Council reduces rate on cancer drugs to 5% from 12%; on namkeen to 12% from 18%
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Addressing a press conference, the minister said, "The (central) government has reduced budget allocation for research from 2014 to 2024. If an educational institution gets research grant from a private entity, the government imposes 18 per cent GST, which is not justified. We will oppose it."
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In the 53rd GST council meet held on Saturday, the government decided to exempt both penalty and interest provided they pay the principal tax demand by March 31, 2025
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The 53rd GST Council Meeting has finalised key decisions, including imposing a uniform GST rate of 12% on milk cans manufactured from steel, iron, and aluminium.
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The fitment committee could study the prospects of bringing ATF under 5 percent GST slab, and will also assess Oil Ministry's proposal to tax Natural Gas under 12 or 18 percent tax slab, it is learnt.
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GST Council Meeting Highlights: The amendments to the GST law, required to change the tax rates, will be taken up in this Parliament session, Nirmala Sitharaman said. The likely date of implementation is October 1, she added, further noting that the Council has agreed to review the 28% levy on online gaming and casinos after six months of implementation.
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"The GST Council’s intention is not to hurt the online gaming industry or states with casinos...I am proud to say that the Council discussed and understood the matter deeply and took a decision which had been pending for 2-3 years," Finance Minister Nirmala Sitharaman said in the press briefing.
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The Council is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.
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They argued that such as a step of higher taxation will also motivate millions of tobacco users to quit and prevent youngsters from initiating tobacco use.
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The minister said the discussion is going on at the ministerial level in the GST Council into various aspects of online gaming, including taxation and regulation.
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Our specially curated package of the most interesting articles to help you stay at the top of your game.
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49th GST Council Meeting 2023: The GST Council has also decided to lower the GST on liquid jaggery, pencil sharpeners, and certain tracking devices, the minister added.
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49th GST Council Meeting Highlights: "We will continue clearing any pending compensation cess amounts of states as and when they give their AG (accountant general) certificates," says FM Nirmala Sitharaman post meeting.
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Resolution of long-pending issues at the February 18 meeting will be a pointer to the GST Council’s intent to move ahead with wider reforms
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No decision was taken to increase the incumbent tax rate on any item during the 48th GST Council meeting, the finance ministry said.
