Goods and Services Tax (GST)

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.

"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.

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.

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.

According to Johri, there is an expectation and acceptance that the Goods and Services Tax system will eventually move to one with three rates: a median rate, a merit rate, and a demerit rate.

The central bank infused Rs 46,790 crore through a 14-day variable rate repo auction at a cut-off rate of 6.51 percent, just above the repo rate.

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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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.

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.

The GST Council's meeting on February 18 will leave it one short of a half century of meetings but the work ahead of it is arduous

Goods and Services Tax collections have now exceeded Rs 1.4 lakh crore for 11 consecutive months

Say, the move could see Bangladesh, India’s main competitor, gaining. Betel leaf, used in making paan and as mouth fresheners, is mainly exported to the UK, Europe, Saudi Arabia, and Oman.

The new functionality 'Refund for Unregistered person' has been made available on the GST portal and the unregistered person, who wants to file an application for a refund shall obtain a temporary registration on the common portal, using his Permanent Account Number (PAN).

With SUVs forming a significant part of passenger vehicle sales, the clarifications have come at an opportune time

No decision was taken to increase the incumbent tax rate on any item during the 48th GST Council meeting, the finance ministry said.

GST Council Meeting Highlights: 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.

The 47th meeting was held on June 29 2022, in Chandigarh.

Tamil Nadu's finance minister also expressed concern about the low frequency with which the GST Council has been meeting.

Willful tax evasion will not be covered by the scheme. Repeat offenders will also not be eligible.