GST Council may take call on online game tax
2 years, 3 months ago

GST Council may take call on online game tax

Deccan Chronicle  

NEW DELHI: The Goods and Services Tax Council, which is scheduled to meet on December 17, is likely to discuss a host of issues that have arisen following the recommendations of the GST fitment panel. “The Council may also discuss certain tax rate changes for various sectors like textile, insurance among others, but a rate cut in the tax on gold, silver, and diamonds is not likely to be part of the discussion. As per a report by law firm Lakshmikumaran & Sridharan, in India, the online gaming industry currently pays GST at the rate of 18 per cent on Gross Gaming Revenue amounting to over Rs 2,200 crore per year. The GST Council has set up a panel of ministers to suggest changes in the current GST rate and valuation method for the online gaming sector.

Issue Likely Digital Assets Gst Council Crypto Currency Tax Gst Textile Sector Tax Gst Council  rate  online  textile  sector  tax  gst  council  game  likely  issue  gaming  insurance

History of this topic

GST 2.0 needed to streamline procedures, ease compliance through tiered approach: PAC
3 days, 21 hours ago

GST 2.0 needed to streamline procedures, ease compliance through tiered approach: PAC

The Hindu  

Batting for a simplified Goods & Services Tax regime, Parliament’s Public Accounts Committee has recommended that the Finance Ministry undertake a comprehensive review of the GST framework to identify and eliminate unnecessary procedures and requirements that complicate compliance. Criminal penalties The Committee has called for a revamped GST 2.0 after consultation with stakeholders, including trade associations and taxpayer groups, to …

Opposition leaders press for simplification, reduction of GST
5 days, 21 hours ago

Opposition leaders press for simplification, reduction of GST

Live Mint  

New Delhi, Mar 24 Opposition members on Monday demanded the government to simplify and reduce the Goods and Services Tax as it is putting the burden on the poor. Participating in the debate on the Finance Bill 2025, Supriya Sule said GST needs lots of reform, and there is a need to bring down rates. The Finance Minister should answer …

Congress pitches for GST 2.0, says it supports a truly ‘good and simple tax’ regime
3 weeks ago

Congress pitches for GST 2.0, says it supports a truly ‘good and simple tax’ regime

The Hindu  

A day after Union Finance Minister Nirmala Sitharaman announced that Goods and Services Tax rates would be further rationalised, the Congress on Sunday argued for “more comprehensive changes” to the indirect tax regime. “The Indian National Congress had envisaged a GST 2.0 – a truly Good and Simple Tax - in its Nyay Patra for the 2024 Lok Sabha Elections, …

GST rate cut soon, tax review in final stages, says FM Nirmala Sitharaman
3 weeks ago

GST rate cut soon, tax review in final stages, says FM Nirmala Sitharaman

Live Mint  

Goods and Services Tax Council is in the final stages of reviewing GST structure and a reduction of the levy would happen soon, union finance minister Nirmala Sitharaman, who chairs the Federal indirect tax body said on Saturday. Speaking at the Economics Times Awards for Corporate Excellence in Mumbai, Sitharaman said that the ministerial group set up by the GST …

Taxes have come down after GST regime, says official at outreach programme
1 month, 2 weeks ago

Taxes have come down after GST regime, says official at outreach programme

The Hindu  

After the introduction of the GST in 2017, the taxes for many goods had come down, said Director General Mahesh Kumar Rustagi here on Friday. Inaugurating a GST outreach programme for MSME sector, organised by the Directorate General of Taxpayer Services, Commercial Taxes Department of Tamil Nadu and Confederation of Indian Industry, he said taxes on many commodities such as …

After a tax cut and a rate cut, it's time now for a GST cut
1 month, 2 weeks ago

After a tax cut and a rate cut, it's time now for a GST cut

Live Mint  

After the Union government reduced the tax burden on individuals and the central bank followed with an interest rate cut, it's over to the states now. Its original goal was to reduce disputes related to the classification of goods and services, correct tax anomalies like finished products getting taxed at a lower rate than raw materials, and to enhance GST …

The post-Budget agenda: How to make GST 'Good and Simple Tax'
1 month, 2 weeks ago

The post-Budget agenda: How to make GST 'Good and Simple Tax'

India Today  

Good intention undone by poor implementation. At the SKOCH Summit in New Delhi in November 2024, M. Govinda Rao, economist and former member of the 14th Finance Commission, had said, “Globally, GST is considered a money machine. While political constraints may prevent a single rate, reducing the number of rates would bring clarity and efficiency.” At present, the GST structure …

Is a cut in GST rates next? GST Council to soon take a decision, says FM Sitharaman
Trending News
1 month, 3 weeks ago

Is a cut in GST rates next? GST Council to soon take a decision, says FM Sitharaman

Firstpost  

The Goods and Services Tax follows a four-tier structure with rates of 5%, 12%, 18%, and 28%. The GST Council will soon take a decision on having fewer and lower rates as the review work is almost complete, Finance Minister Nirmala Sitharaman said on Tuesday. Days after presenting the Union Budget 2025-26 that also provides significant income tax relief to …

GST Council to decide on fewer, lower tax rates soon: Nirmala Sitharaman
1 month, 3 weeks ago

GST Council to decide on fewer, lower tax rates soon: Nirmala Sitharaman

India Today  

Finance Minister Nirmala Sitharaman announced on Tuesday that the GST Council is nearing a decision on rationalising tax rates, as the review process is almost complete. Addressing speculation, Sitharaman dismissed claims that the tax relief was politically motivated ahead of the Delhi Assembly elections, asserting that it reflects Prime Minister Narendra Modi's commitment to taxpayers. The Budget has allocated Rs …

GST rate rationalisation needed: Finance SecyGST rates need to be rationalised: Finance Secretary
1 month, 3 weeks ago

GST rate rationalisation needed: Finance SecyGST rates need to be rationalised: Finance Secretary

Live Mint  

New Delhi, Feb 3 Finance Secretary Tuhin Kanta Pandey on Monday said enough experience has been gained with regard to implementation of GST and now the rates need to be rationalised in consultation with states. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising her state counterparts, has set up a group of ministers to suggest changes in …

U.P. launches initiative to broaden GST base
2 months ago

U.P. launches initiative to broaden GST base

Hindustan Times  

Uttar Pradesh has launched a new initiative aimed at expanding its Goods and Services Tax base by focusing on untapped sectors within the service industry. Commissioner state tax, Nitin Bansal said the service sector has immense scope for broadening the tax bae in the state The state aims to enhance compliance and curb tax evasion by appointing officials to oversee …

Budget 2025: How FM Nirmala Sitharaman could streamline customs duty and GST?
2 months ago

Budget 2025: How FM Nirmala Sitharaman could streamline customs duty and GST?

Live Mint  

As Union Budget 2025 approaches, stakeholders across industries are anticipating significant policy measures in the realm of indirect taxation to drive economic growth, streamline compliance, and enhance ease of doing business. With evolving global trade dynamics and the government’s push for ‘Make in India’ and export competitiveness, the upcoming Budget is expected to address crucial issues in customs duties and …

GST on gaming companies: SC stays GST notices worth over ₹1 lakh crore against online gaming firms for tax fraud
2 months, 2 weeks ago

GST on gaming companies: SC stays GST notices worth over ₹1 lakh crore against online gaming firms for tax fraud

The Hindu  

The Supreme Court on Friday stayed the operation of showcause notices of ₹1.12 lakh crore issued under the Goods and Services Tax proceedings against online gaming companies. A Bench of Justices J.B. Pardiwala and R. Mahadevan passed the order in separate petitions filed by 49 online gaming companies. Last year, the top court had transferred to itself 27 writ petitions, …

BJP counters Congress’s charges on GST
2 months, 2 weeks ago

BJP counters Congress’s charges on GST

The Hindu  

The Bharatiya Janata Party on Thursday accused the Congress of misleading people on the issue of Goods and Services Tax. BJP national spokesperson and former Rajya Sabha MP, Syed Zafar Islam, in a press statement, said the Congress was “rattled by the implementation and success of GST because it no longer has any loopholes, depriving Congress of opportunities for corruption”. …

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’
2 months, 2 weeks ago

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’

The Hindu  

Ahead of the Union Budget, the Congress on Thursday alleged that the goods and services tax had become a means to “loot” people and demanded that the Centre puts an end to “tax terrorism”. In a post on X, Congress president Mallikarjun Kharge said that the GST could stand for the “Gabbar Singh Tax” or “Grahasthi Satyanash Tax ” or …

Gabbar Sitharaman Tax: Congress’ fresh jab at FM, says new circulars are issued 90 months after GST rollout
2 months, 3 weeks ago

Gabbar Sitharaman Tax: Congress’ fresh jab at FM, says new circulars are issued 90 months after GST rollout

Live Mint  

Congress leader Pawan Khera on Thursday took a swipe at Union Finance Minister Nirmala Sitharaman over Goods and Service Tax and said that even 90 months after the implementation of GST, new circulars are being issued. Speaking to ANI in Rajasthan, Khera referred to GST as Gabbar Sitharaman Tax, and said it has affected everyone. The tax that should have …

Gems, jewellery sector urges govt to reduce GST to 1% in upcoming Budget
2 months, 3 weeks ago

Gems, jewellery sector urges govt to reduce GST to 1% in upcoming Budget

The Hindu  

The gems and jewellery sector has urged the government for a reduction in goods and services tax to 1% on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget. “We seek rationalisation of taxes and availability of finance to support business,” the All India Gem and Jewellery Domestic Council Chairman Rajesh Rokde said in …

Existing system to measure GST profoundly flawed, says Minister Palanivel Thiaga Rajan
2 months, 3 weeks ago

Existing system to measure GST profoundly flawed, says Minister Palanivel Thiaga Rajan

New Indian Express  

CHENNAI: Speaking at the almuni meet, Information Technology minister Palanivel Thiaga Rajan said the existing system to measure the goods and services tax is ‘profoundly flawed’ and can be corrected by 20 different steps without needing any new legislation. “At every quarter, we used to get this kind of statement from Delhi, we have record GST collections. If GDP keeps …

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy
2 months, 3 weeks ago

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy

The Hindu  

The Congress on Friday claimed that the last quarter of the current fiscal year witnessed the “second-slowest pace” of collection of Goods and Services Tax in the past three years and urged the government to focus on the complexities of the economy instead of imposing tax on popcorn. Net GST growth slumps to 3.3% in December, as revenues slow and …

Net GST growth slumps to 3.3% in December, as revenues slow and refunds rise 45%
2 months, 4 weeks ago

Net GST growth slumps to 3.3% in December, as revenues slow and refunds rise 45%

The Hindu  

India’s gross Goods and Services Tax receipts increased at the second-slowest pace in 43 months in December, while growth in net GST collections, after adjusting for refunds, slumped to 3.3%, the weakest in financial year 2024-25. Editorial: ​Selective indecision | on the GST Council’s 55th meeting, decisions December’s gross GST inflows, for transactions undertaken in November, were a tad under …

GST collections rise 7.3 pc to Rs 1.77 lakh cr in December
Top News
2 months, 4 weeks ago

GST collections rise 7.3 pc to Rs 1.77 lakh cr in December

Deccan Chronicle  

New Delhi: Goods and Services Tax collections rose by 7.3% to ₹1.77 lakh crore in December, maintaining figures above the ₹1.7 lakh crore mark for the tenth consecutive month. While higher than the ₹1.65 lakh crore collected in December 2023, it fell short of the record ₹2.1 lakh crore achieved in April 2024, according to government data released on Wednesday. …

​Selective indecision: on the GST Council’s 55th meeting, decisions
3 months ago

​Selective indecision: on the GST Council’s 55th meeting, decisions

The Hindu  

Well into the eighth year of India’s revamped indirect tax regime, the apex body governing the system met last Saturday and unveiled a flurry of decisions — including some rate changes and clarifications — that were punctuated by some broader issues it chose to kick down the road. Such moves neither reflect well on the Centre’s claims around its hurried …

Towards a simple and rational GST
3 months, 1 week ago

Towards a simple and rational GST

Hindustan Times  

Social media went pop over popcorn on Saturday, sharing details on the differential Goods and Services Tax rates on variants. But, two larger issues with India’s indirect tax regime need to be promptly addressed. The window for the rationalisation of the tax slabs has been extended, and it isn’t clear whether this will even happen The first has to do …

Arunachal committed to support GST reforms for economic growth: Deputy CM
3 months, 1 week ago

Arunachal committed to support GST reforms for economic growth: Deputy CM

The Hindu  

Arunachal Pradesh Deputy Chief Minister Chowna Mein stated that the government is committed to support GST reforms for fostering economic growth and ease of compliance for all stakeholders in the State. Speaking at the 55th GST Council meeting at Jaisalmer in Rajasthan on Saturday, Mr. Mein, who also holds the Finance portfolio, said that the state government remained dedicated to …

GST Council's key decisions: What's cheaper, what's costlier, and all other details
3 months, 1 week ago

GST Council's key decisions: What's cheaper, what's costlier, and all other details

India Today  

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman on Saturday, introduced significant changes to the Goods and Services Tax framework. Several items and services will see a reduction in GST rates, offering financial relief: Fortified Rice Kernels : The GST rate on FRK has been reduced to 5% when supplied through the Public Distribution System. On …

GST Council rejigs rates, defers call on insurance
3 months, 1 week ago

GST Council rejigs rates, defers call on insurance

Hindustan Times  

The Goods and Services Tax Council in its 55th meeting on Saturday took a slew of decisions to protect the poor, including slashing the tax rate on fortified rice kernels, exempting GST on gene therapy, providing relief to farmers selling black pepper and resins. It, however, deferred several contentious issues such as tax rate rationalisation, GST on insurance premia and …

GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns
3 months, 1 week ago

GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns

Live Mint  

Jaisalmer: India's indirect tax body has decided to exempt expensive cancer treatment gene therapy, penal charges levied by banks on loans, as well as rent paid by small businesses on property leased from individuals from the Goods and Services Tax, finance minister Nirmala Sitharaman told reporters after the GST Council meeting on Saturday. The focus on resolving long-standing disputes, such …

Ex-CEA Arvind Subramanian calls GST Council’s ruling as ‘national tragedy’, says violates spirit of ‘Good & Simple Tax’
3 months, 1 week ago

Ex-CEA Arvind Subramanian calls GST Council’s ruling as ‘national tragedy’, says violates spirit of ‘Good & Simple Tax’

Live Mint  

Minutes after the 55th meeting of the Goods and Services Tax Council ended in Jaisalmer on Saturday, with details popping in that the caramelised popcorn to attract an 18 per cent GST, former Chief Economic Adviser Arvind Subramanian referred it as 'national tragedy'. Arvind Subramanian even said that decisions taken in the 55th GST Council meeting violate the spirit of …

GST council GoM to meet soon on lowering taxes for insurance premiums
3 months, 1 week ago

GST council GoM to meet soon on lowering taxes for insurance premiums

Hindustan Times  

PATNA: The goods and services tax council’s group of ministers requires another meeting to discuss lowering taxes on insurance premiums for individuals, senior citizens, and groups, the GoM’s convener Samrat Chaudhary said after a meeting of the council in Rajasthan’s Jaisalmer on Saturday. Union finance minister Nirmala Sitharaman chairs the 55th meeting of the GST Council in Jaisalmer Chaudhary, who …

55th GST council meeting in Jaisalmer on December 21, 2024: Finance Minister Nirmala Sitharaman media briefing
3 months, 1 week ago

55th GST council meeting in Jaisalmer on December 21, 2024: Finance Minister Nirmala Sitharaman media briefing

The Hindu  

A much-anticipated review of the Goods and Services Tax levies on life and health insurance policies was put off by the apex body in charge of the indirect tax regime, the GST Council at its 55th meeting on Saturday, as some members sought more discussions on the matter before taking a final call. Moreover, rate rationalisation suggestions pertaining to about …

GST council meeting: What gets cheaper & dearer - from popcorn to EV sale
3 months, 1 week ago

GST council meeting: What gets cheaper & dearer - from popcorn to EV sale

Live Mint  

GST Council Meeting: Finance Minister Nirmala Sitharaman-led goods and services tax Council Meeting on Saturday, December 21, decided to levy an 18 per cent GST on margin value on sale of used electric vehicles by businesses and clarified on the taxability of popcorn, saying caramel popcorn will continue to attract tax at the rate of 18 per cent. The GST …

GST Council Announces Rate Cut On Fortified Rice Kernels To 5% From 18%
3 months, 1 week ago

GST Council Announces Rate Cut On Fortified Rice Kernels To 5% From 18%

ABP News  

The 55th Goods and Services Tax Council, chaired by Union Finance Minister Nirmala Sitharaman, made multiple key announcements on Saturday. The council also agreed to impose a uniform 18 per cent tax rate on used cars, including electric vehicles, purchased by businesses. Additionally, the council decided to lower the tax rate on fortified rice kernels from 18 per cent to …

GST Council agrees to maintain status quo on taxing ATF by States: Bhatti
3 months, 1 week ago

GST Council agrees to maintain status quo on taxing ATF by States: Bhatti

Deccan Chronicle  

Hyderabad: Goods and Services Tax Council agreed to maintain the status quo on taxing Aviation Turbine Fuel under VAT, according to Deputy Chief Minister Bhatti Vikramarka Mallu on Saturday. Bhatti, who was also the Finance Minister, attended the 55th meeting of the GST Council meeting chaired by Finance Minister Nirmala Sitaraman at Jaisalmer in Rajasthan on Saturday. On the issue …

GST Council Delays Decision On Tax Reduction For Life, Health Insurance Premiums
Trending News
3 months, 1 week ago

GST Council Delays Decision On Tax Reduction For Life, Health Insurance Premiums

ABP News  

The GST Council on Saturday deferred its decision on reducing the tax rate on life and health insurance premiums, according to officials. The GoM also recommended exempting GST from health insurance premiums paid by individuals, excluding senior citizens, for policies with coverage up to Rs 5 lakh. However, premiums for health insurance policies offering coverage exceeding Rs 5 lakh will …

GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, sweet popcorn to attract 18% tax
3 months, 1 week ago

GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, sweet popcorn to attract 18% tax

Live Mint  

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman in Jaisalmer, Rajasthan, introduced several updates to the taxation framework while deferring discussions on GST restructuring for insurance products. Finance Minister Nirmala Sitharaman, while addressing the media on Saturday, said the Bihar deputy chief minister Samrat Chaudhary felt that any decision on GST on health insurance would require GoM …

GST Council postpones decision to cut tax on life and health insurance
3 months, 1 week ago

GST Council postpones decision to cut tax on life and health insurance

Hindustan Times  

The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. Revenue Secretary Sanjay Malhotra attends a GST Council meeting with Union Finance Minister Nirmala Sitharaman at Vigyan Bhawan, in New Delhi. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided …

GST Council meets to decide on lower taxes on insurance policies, ATF inclusion
Trending News
3 months, 1 week ago

GST Council meets to decide on lower taxes on insurance policies, ATF inclusion

Deccan Chronicle  

Jaisalmer: The 55th GST Council meeting which is expected to decide on reducing the tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. However, 18 per cent GST will continue on premiums paid for policies with health insurance cover of over Rs 5 lakh. The four-tier tax slab of 5, 12, …

Insurance, plane fuel might get cheaper as GST Council mulls lowering taxes
3 months, 1 week ago

Insurance, plane fuel might get cheaper as GST Council mulls lowering taxes

Hindustan Times  

The 55th GST Council meeting which is expected to decide on reducing tax rate on health and life insurance, besides considering rate rejigs on 148 items began here on Saturday. However, 18 per cent GST will continue on premiums paid for policies with health insurance cover of over ₹5 lakh. The four-tier tax slab of 5, 12, 18 and 28 …

GST Council postpones decision to cut tax on insurance, rate panel defers report submission
Top News
3 months, 1 week ago

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

The Hindu  

A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of rate rejig in 148 items was not tabled before the Council. “We will submit the GoM report on rate rationalisation in next meeting of Council,” said Mr. Chaudhary who is the convenor of the panel. The …

GST Council 55th Meeting in Jaisalmer: FM Nirmala Sitharaman to discuss potential revisions in insurance, aviation taxes
3 months, 1 week ago

GST Council 55th Meeting in Jaisalmer: FM Nirmala Sitharaman to discuss potential revisions in insurance, aviation taxes

Live Mint  

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and including state finance ministers, will convene today, December 21, in Jaisalmer, Rajasthan. This pivotal gathering of the apex body for indirect taxes is expected to focus on significant rate changes for life and health insurance, luxury items, and the possible inclusion of aviation turbine fuel under the …

55th GST Council Meeting: Raises tax on used car sales; postpones debates on insurance, 'sin' products
3 months, 1 week ago

55th GST Council Meeting: Raises tax on used car sales; postpones debates on insurance, 'sin' products

New Indian Express  

The 55th Goods and Services Tax Council meeting, held in Jaisalmer, Rajasthan, under Finance Minister Nirmala Sitharaman on Saturday, deferred discussions on the much-anticipated proposal to restructure GST on insurance premiums. The GST Council also postponed discussions on the widely discussed rate rationalisation for various consumer items, including so-called ‘sin’ products. Under the current GST framework, e-commerce platforms face specific …

GST Council postpones decision on reducing tax for life, health insurance premiums
3 months, 1 week ago

GST Council postpones decision on reducing tax for life, health insurance premiums

India TV News  

On Sunday, the GST Council, in its 55th meeting chaired by Union Finance Minister Nirmala Sitharaman, deferred the decision to cut taxes on life and health insurance premiums. Group of ministers to meet again for further discussions Bihar Deputy Chief Minister Samrat Chaudhary, who headed the Group of Ministers tasked with considering the issue, said a fresh meeting was needed …

GST council defers decision on lowering insurance premium rates
3 months, 1 week ago

GST council defers decision on lowering insurance premium rates

New Indian Express  

JAISALMAR: The 55th GST Council meeting held on Saturday concluded without any major decisions being taken. The much-anticipated decision on reducing GST rates for health and life insurance premiums has been deferred, as the Council believes further discussions are required before moving forward. The Group of Ministers on insurance has recommended a complete waiver of GST on premiums paid towards …

Council may increase GST rate on all kinds of used cars to 18 per cent
3 months, 1 week ago

Council may increase GST rate on all kinds of used cars to 18 per cent

New Indian Express  

JAISALMER: The GST Council in its 55th meeting on Saturday is likely to announce changes in tax rates on several goods and services. As per sources, the fitment panel of the Council has decided to levy 18% GST on all kinds of used cars. The Council is likely to agree with the fitment panel’s recommendation and raise GST rate to …

55th GST Council Meeting begins: What could become costlier or cheaper today
3 months, 1 week ago

55th GST Council Meeting begins: What could become costlier or cheaper today

India Today  

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has brought together ministers from 28 states, two Union Territories, and key stakeholders to deliberate on sweeping tax reforms. FOOD DELIVERY PLATFORMS In a move to ease costs for food delivery services like Swiggy and Zomato, the GST rate may be reduced from 18% with input tax credit to …

GST Council delays decision on lowering tax for health, life insurance premiums
3 months, 1 week ago

GST Council delays decision on lowering tax for health, life insurance premiums

India Today  

The GST Council has postponed its decision on reducing tax rates for life and health insurance premiums, officials told news agency PTI. Bihar Deputy Chief Minister Samrat Chaudhary, who leads the GoM on insurance, stated that more time is required to resolve outstanding issues, particularly regarding the taxation of group policies, individual policies, and senior citizens' plans. In November, the …

GST Council Meeting: Will tax rates on health and life insurance premiums drop today?
3 months, 1 week ago

GST Council Meeting: Will tax rates on health and life insurance premiums drop today?

India Today  

The 55th GST Council meeting is expected to make significant decisions on tax rates for life and health insurance premiums. In its meeting last month, the GoM recommended exempting term life insurance premiums from GST, a proposal that has garnered support from several states. There is also a proposal to exempt GST on health insurance premiums of up to Rs …

GST council approves key reforms, defers decision on insurance premium tax cuts
3 months, 1 week ago

GST council approves key reforms, defers decision on insurance premium tax cuts

India TV News  

The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, made significant decisions in its 55th meeting, aimed at streamlining the taxation system and curbing tax evasion. Other exemptions and clarifications Third-Party Motor Vehicle Premiums: Contributions made by general insurance companies to the Motor Vehicle Accident Fund, established under the Motor Vehicles Act, 1988, have been exempted from …

GST rate overhaul to face tough review amid tepid urban demand and inflation worries
3 months, 1 week ago

GST rate overhaul to face tough review amid tepid urban demand and inflation worries

Live Mint  

JAISALMER : Inflation and consumer appetite for purchases are two considerations that are expected to weigh on the Goods and Services Tax Council when it examines a ministerial group's recommendations for further hikes in the indirect tax, three persons informed about the development said. The ministerial group, led by Bihar deputy chief minister Samrat Chaudhary, is expected to make its …

Real estate developers urge government to reconsider 18% GST proposal on FSI, additional FSI under GST
3 months, 1 week ago

Real estate developers urge government to reconsider 18% GST proposal on FSI, additional FSI under GST

Hindustan Times  

Real estate developers have urged the government to reconsider the proposal of charging 18% Goods & Services Tax on floor space index and additional FSI charges paid to local authorities for realty projects. The pan-India developers’ body Credai has said that imposing GST on FSI charges could increase housing prices by 10% and adversely impact demand. In a letter addressed …

Discover Related