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Madurai District Borewell Rig Owners and Agents’ Welfare Association, following several failed attempts to represent their issue to the Union Finance Ministry, has once again appealed to the authorities to take up the issue of reduction of GST for borewell services in the upcoming 54th GST council meeting.
The GST Council is likely to consider giving relief on life insurance premium. As on date, insurance premium attracts GST up to 18 per cent.
The GST Council meeting scheduled next month has a key proposal on the agenda: to exempt companies from paying GST at the time of import, allowing them to defer the payment until the output services are performed.
The upcoming Goods and Services Tax (GST) Council meeting on September 9 will discuss rationalisation of rates on several items but a decision regarding any rate change will be taken in subsequent meetings,
Trade bodies demand simplification of the Goods and Services Tax (GST) Act and rules and stress on taking the matter as priority in the upcoming GST council meeting scheduled to be held on September 7.
The Group of Ministers (GoM) on GST rate rationalisation met on Thursday and largely agreed to maintain the current four-tier tax slab system. The panel has asked tax officers to analyse the impact of adjusting rates on certain items and present their findings to the GST Council.
The Goods and Services Tax (GST) Council is likely to discuss the issue of exemption of health and life insurance from the 18 percent levy when it will meet on September 9, two people familiar with the development said.
The ministerial panel on GST rate rationalisation on Thursday broadly converged towards retaining a 4-tier slab structure and asked the committee of tax officers to analyse the implication of tinkering rates on some items and present it before the GST Council.
The 54th meeting of the GST Council will be held on September 9 in Delhi. Before the Council meeting, officers from states and Centre will meet on September 8.
The Goods and Services Tax (GST) group of ministers (GoM) on rate rationalisation chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is not in favour of merger of the tax slabs and feels the current four rates need to be maintained, sources said.