highlight
- Eight out of 15 agenda points of the 48th GST Council meeting were discussed
- There has been no increase in tax on any item in the 48th meeting of the GST Council.
- GST on online gaming and casino not taken during the meeting
GST Council Meeting: Union Finance Minister Nirmala Sitharam chaired the 48th meeting of the GST Council in New Delhi on Saturday. The meeting was conducted through virtual mode.
“Union Finance Minister Smt @nsitharaman chaired the 48th GST Council meeting through virtual mode in New Delhi today. Accompanied by the Finance Minister, Union Minister of State for Finance Shri @mppchaudhary, besides Finance Ministers of States and Union Territories (along with the legislature) and senior officers of the central government and states are also participating in the meeting (sic),” the finance ministry wrote on Twitter.
According to the Finance Minister, out of 15 agenda points for the 48th GST Council meeting, 8 were discussed and the rest will be taken up in the next meeting. Sitharaman further said that seven agenda points were attended to in sequential order and an additional one related to data sharing was also discussed.
Here are some highlights of the meeting:
“In this 48th GST Council meeting, there has been no tax increase on any commodity. No new taxation has been brought in. All that has been done is to issue clarifications where ambiguities of interpretations remain,” he said. Said.
The Council has clarified what an SUV is and attracts tax as applicable to such categories of automobiles.
The report of the Group of Ministers (GoM) was not even circulated to the members of the GST Council. The council also agreed to increase the threshold for initiating prosecution from existing Rs 1 crore to Rs 2 crore. Also, GST on husk of pulses was reduced from 5% to nil.
Meanwhile, supplies to refineries rose from 18% to 5% for blending with ethyl alcohol or biofuel – motor spirit (petrol).
GST on online gaming and casinos was not discussed as the GoM report headed by Meghalaya Chief Minister Conrad Sangma submitted its report a few days back.
It must be mentioned here that the GST Council is the apex decision-making body of the One Nation, One Tax Goods and Services Tax (GST) regime. It is headed by the Union Finance Minister and all states and union territories are represented in the body.
About 47th GST Council meeting
The 47th meeting of the GST Council was held in Chandigarh in the month of June this year.
The Goods and Services Tax (GST) was rationalized for several items such as LED lamps and solar water heaters as a result of recommendations discussed during the two-day 47th GST Council meeting. The rates later suggested by the GST Council became effective from July 18 this year.
(with inputs from agencies)
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