States say no to GST on jet fuel
States turned down any move to levy Goods and Services Tax on Aviation Turbine Fuel, a persistent demand from the aviation sector, at the GST Council meeting.
Tag: 55th GST Council meeting
Used cars get costlier with 18% GST
The GST Council, led by Finance Minister Nirmala Sitharaman, has approved a significant increase in the tax rate for the sale of used cars, including electric vehicles (EVs). The GST, previously set at 12%, will now rise to 18%, a move aimed at bringing uniformity to the taxation of second-hand vehicles.
Safari Retreats case on GST Council table, SC verdict may be reversed
In what could be a blow to real estate companies, the Goods and Services Tax (GST) Council in its meeting on Saturday is likely to take up the proposal to retrospectively amend the Central Goods and Services Tax (CGST) Act, thereby reversing the recent Supreme Court judgment in the Safari Retreats case. The top court had, in October, allowed input tax credit (ITC) claims on construction costs for rental properties.
GST Council may provide exporter status to intermediaries for tax relief
The 55th Goods and Services Tax (GST) Council meeting on Saturday may provide relief to intermediaries such as brokers, agents, and online bidding portals that offer their services to entities abroad.
GST Council likely to approve rules for Invoice Management System to tackle fake invoicing, tax evasion
The GST Council, in its upcoming meeting on December 21, is set to deliberate on and is likely to approve rules for the implementation of the Invoice Management System (IMS). It is expected to address fake invoicing and tax evasion under the GST framework, sources in the Council said.
GST Council To Discuss Key Tax Proposals, Including EV Resale Tax Hike And Food Delivery Tax Cut
The Goods and Services Tax (GST) Council is set to meet on 20-21 December in Jaisalmer, Rajasthan, where it will deliberate on several crucial tax proposals, including some potential hikes and some reductions.
GST Council Meeting: GoM proposes reducing GST rate to 5% for all individual health insurance services
The 55th GST Council meeting, set to take place soon, will examine and review the current Goods and Services Tax (GST) structure on life and medical insurance. The Group of Ministers (GoM) on Health Insurance presented its recommendations to revenue officials from both the state and central governments on December 16. The report will be reviewed by the GST Council during its meeting in Jaisalmer.
GST Council to decide on 18% tax for used EVs and smaller vehicles, up from 12%
The GST Council might raise the Goods and Services Tax (GST) on old and used electric vehicles (EVs) and smaller petrol and diesel vehicles. The tax rate could increase from 12% to 18%, based on a recommendation by its Fitment Committee.
Retailers urge FM and GST Council not to go for higher 35 pc tax rate
Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country’s GST framework with devastating outcomes.
GoM on cess likely to seek six-month extension from GST Council on December 21 meet: Sources
The Group of Ministers (GoM) set up by the Goods and Services Tax (GST) Council to explore taxation mechanisms for luxury and demerit goods post-cess abolition will be seeking more time to finalise its recommendations in the Council’s upcoming meeting on December 21. According to sources, the GoM, chaired by Minister of State for Finance Pankaj Chaudhary, feels six months would suffice to finalise its report.