Tag: 55th GST Council meeting

GST in Media

Retailers urge FM and GST Council not to go for higher 35 pc tax rate

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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.

GST in Media

55th GST Council meeting : What to expect and why this meeting could be crucial?

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The upcoming 55th GST Council meeting, scheduled to meet on December 21, 2024, is expected to address a range of significant issues that have been lingering for a considerable time. The GST Council is expected to address several pivotal reforms focussed towards inverted duty structure, GST rate rationalization that will make an impact on the economy and meeting the goal of minimising cascading effect in GST.

GST in Media

GST GoM on cess likely to seek extension from Council, examining legal aspects

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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 is expected to seek more time to finalise its recommendations. According to sources, the GoM, chaired by Minister of State for Finance Pankaj Chaudhary, is still deliberating on key aspects, particularly legal frameworks.