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Entities that are not required to get a GST registration but are required to make a tax payment under the GST Act provision can now obtain a Temporary Identification Number (TIN).
In a significant move during its 55th meeting in Jaisalmer, the GST Council clarified that transactions involving vouchers will be treated as neither a supply of goods nor services and, consequently, will not face taxation under the Goods and Services Tax (GST) framework, sources have told ET Bureau.
Popcorn has always been the go-to companion for movie lovers, but now, it’s grabbing attention for a different reason—taxes. The announcement by the GST Council on Saturday regarding GST on it has sparked lively debates, with memes flooding social media and consumers questioning if their movie nights just got more expensive.
In its 55th meeting, the GST council deferred taking a decision on several pressing issues. These included the demand for lowering the tax on health and life insurance and on the food delivery charges of platform aggregators.
India’s $32-billion pre-owned cars market is expected to witness a slowdown after the Goods and Services Tax (GST) Council decided to increase the tax rate on used cars from 12 percent earlier to 18 percent now, according to several industry stakeholders.
The 55th Goods and Services Tax (GST) Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant tax relief measures aimed at fostering economic growth and supporting critical sectors. The council exempted payment aggregators from GST on transactions below Rs 2,000, a move likely to benefit small businesses and promote digital payments across the country.
The 55th GST Council meeting, held on December 21 in Jaisalmer, Rajasthan, saw several key decisions being made. One significant update was the imposition of an 18% GST on the profit margin for sales of second-hand small cars, including electric vehicles, applicable only to registered dealers. Previously, this tax rate was 12%.
The GST Council on December 21 again deferred a decision to exempt and cut taxes on health and life insurance premiums. The reason for this is that the ministers’ panel needs more time to reach a consensus on the matter.
The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, on 21.12.2024.
In a series of announcements following the 55th GST Council meeting, Finance Minister Nirmala Sitharaman shared key decisions aimed at simplifying the GST process for small businesses and skill training providers.