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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.
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.
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.
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.
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.
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.
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.
Industry experts expect a reduction in GST rates on health insurance at the forthcoming GST Council meeting on December 21, 2024. This could expand health insurance coverage; however, it may also raise concerns for insurance companies.
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.
The finance ministry on December 9 reiterated “that no report from the Group of Ministers (GoM) to look into rate rationalisation is pending for consideration of the GST Council.”