GST Council Meeting: Two New GoMs Formed; Reports Due By October End
Nirmala Sitharaman announced that two new Groups of Ministers have been established. One GoM will focus on medical and health insurance, while another will handle rate rationalization. The GoM on medical and health insurance will be led by the Deputy Chief Minister of Bihar and is tasked with additional responsibilities. Both GoMs are expected to submit their reports by the end of November.
Source: GST Council meet
GST Council Meeting: Group Of Ministers To Meet On Sept. 23 After Submitting Status Reports"
Two status reports have been submitted. The Group of Ministers for rate rationalization will meet on Sept. 23.
Source: GST Council meet
GST Council Meeting: Gadkari Urges GST Exemption For Insurance Premiums
Union Transport Minister Nitin Gadkari wrote to Sitharaman on the issue of taxing insurance premium. The issue was discussed in Parliament with opposition members demanding an exemption of GST on health and life insurance premiums.
GST Council Meeting: States Debate GST On Online Gaming; Insurance Reductions Unsettled
Punjab Finance Minister, Harpal Singh Cheema mentioned that Sikkim and Goa have raised issue of GST on online gaming, but no consensus given on reducing it.
Most states are in favour of reducing health, life insurance premiums to 5% while many in favour of abolishing it for senior citizens and for differently abled, he said.
Source: GST Council meet
GST Council Meeting: Research Grants Exempted From GST, Says Delhi Minister
Research grants are now exempted from GST, says Atishi, Delhi Finance Minister.
The council has not yet agreed on whether to impose GST on digital payments over ₹2,000, she said.
Source: GST Council meet
GST Council Meeting: Monthly GST Collections Stabilize At Rs 1.75 Lakh Crore
The monthly gross collections from the Goods and Services Tax have stabilized at around Rs 1.75 lakh crore, as compared to the Rs 90,000 crore collected in the first year post the introduction on July 1, 2017.
GST Council Meeting: Consensus On Insurance GST Cuts; Final Details Awaited
The GST Council has come to a broad consensus on GST rate reduction on health and life insurance, but modalities would be decided in the next council meeting, PTI said quoting sources.
The monthly GST collections have seen an uptrend which provides room for taking taxpayer-friendly measures, the above-mentioned sources said adding that most states were on board.
GST Council Meeting: Delhi Minister To Challenge GST On Research Grants
Delhi Finance Minister Atishi on Sunday said she will point out the issue of imposition of GST on research grant received by educational institutions in the 54th GST Council meeting.
"The (central) government has reduced budget allocation for research from 2014 to 2024. If an educational institution gets research grant from a private entity, the government imposes 18% GST, which is not justified. We will oppose it," she said while addressing a press conference.
(With PTI inputs)
GST Collection In 2023-24
In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium.
(With inputs from PTI)
18% GST On Small Digital Payments Referred To Council
Agarwal further said the Council has referred the issues of levy of 18% GST on payment aggregators, like BillDesk and CCAvenue, for small digital transactions up to Rs 2,000, via debit and credit cards to the fitment committee.
(With inputs from PTI)
GST Council Meeting: Uttarakhand Minister
Uttarakhand Finance Minister Premchand Aggarwal said the goods and services tax on shared helicopter services was cut to 5% from 18% and had been sent to the fitment committee for approval. He said the move would boost tourism in pilgrimage hotspots, such as Kedarnath and Badrinath.
Moreover, research grants have been fully exempted from the GST and referred to the fitment committee.
Source: GST Meet
GST Council Meeting
The Goods and Services Tax Council is expected to deliberate on a host of issues, including taxation of insurance premiums, suggestions on rate rationalisation, and a status report on online gaming, as per reports.
The fitment committee, which includes Centre and state tax officials, will present a report on GST levied on life, health, and reinsurance premiums, as well as the revenue implications, according to PTI, quoting sources.
The GST Council is chaired by Finance Minister Nirmala Sitharaman and comprises state ministers. It will decide on whether to reduce the tax burden on health insurance from the current 18% or exempt certain categories of individuals, like senior citizens.
Chief Ministers of Goa and Meghalaya and Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana are also present.
GST Council meeting. (Source: Ministry of Finance)
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