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GST rate

55th GST Council Meeting: No GST payable on penal charges levied & collected by banks & NBFCs from borrowers for non-compliance, says Nirmala Sitharaman

55th GST Council Meeting: No GST payable on penal charges levied...

Sat, Dec 21, 2024

The GST Council has made a host of decisions concerning a variety of areas including certain snacks, electric vehicles (EVs) and construction materials. Finance and Corporate Affairs Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council in Jaisalmer, Rajasthan. Here are some of the key takeaways from the 55th meeting of the GST Council.

GoM decides to cut GST on 20-litre water bottles, bicycles to 5%; raise rate on shoes, watches

GoM decides to cut GST on 20-litre water bottles, bicycles to 5%;...

Sat, Oct 19, 2024

The GoM also suggested hiking GST on shoes above Rs 15,000 a pair and on wrist watches above Rs 25,000 from 18 per cent to 28 per cent.

GST Council forms Group of Ministers to review tax rate on health, life insurance; report by October 30

GST Council forms Group of Ministers to review tax rate on health...

Sun, Sep 15, 2024

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30.

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GST Council Meeting: Car seats to attract higher tax rate of 28%

GST Council Meeting: Car seats to attract higher tax rate of 28%

Mon, Sep 09, 2024

The Union Minister said that a key decision related to health regulations may be made in the next meeting after the Group of Ministers submits their report in October.

GST Council Meeting: Broad consensus on insurance premiums tax rate cut, decision in next meet: Report

GST Council Meeting: Broad consensus on insurance premiums tax ra...

Mon, Sep 09, 2024

The Fitment Committee, comprising the Centre and state tax officials, on Monday presented a report giving data and analysis and implications of GST reduction on life, health and reinsurance premiums.

New members to be added to Group of Ministers on rate rationalisation: Finance Minister Nirmala Sitharaman after GST Council meeting

New members to be added to Group of Ministers on rate rationalisa...

Mon, Sep 09, 2024

After a meeting of the all-powerful GST Council on Monday, September 9, Finance Minister Nirmala Sitharaman said that new members will be inducted to the Group of Ministers to deliberate on pressing issues.

Liquor, sugar stocks stage mixed moves after GST Council reduces tax on molasses

Liquor, sugar stocks stage mixed moves after GST Council reduces...

Mon, Oct 09, 2023

Sugar and liquor stocks were in focus on Monday after the all-powerful GST Council decided to reduce the tax applicable to molasses significantly.

GST Council to meet on June 28-29 in Srinagar

GST Council to meet on June 28-29 in Srinagar

Thu, Jun 16, 2022

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar

Grants, non-philanthropic donations received by charitable trusts to attract 18% GST: AAR

Grants, non-philanthropic donations received by charitable trusts...

Wed, Nov 17, 2021

Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled.

Zee Exclusive: GST Council likely to slash tax on Auto and Cement

Zee Exclusive: GST Council likely to slash tax on Auto and Cement...

Mon, Jun 10, 2019

GST Council is likely to slash tax on Auto and Cement. To know more watch the video

GST Council defers decision on rate revision for real estate

GST Council defers decision on rate revision for real estate

Wed, Feb 20, 2019

The GST Council on Wednesday deferred the decision to consider a reduction in tax on under-construction houses to Sunday.

New Year new GST rates: These 23 items turn cheaper from January 1, 2019

New Year new GST rates: These 23 items turn cheaper from January...

Tue, Jan 01, 2019

The GST Council on December 22 decided to cut tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetables from the levy. Listen in

GST Council Meeting: CEAMA welcomes GST rate cut for TVs

GST Council Meeting: CEAMA welcomes GST rate cut for TVs

Sun, Dec 23, 2018

The GST Council in its meeting held on Saturday reduced tax rates on monitors and TV screens up to 32-inches

GST likely to have 3-rate structure in future: Bibek Debroy

GST likely to have 3-rate structure in future: Bibek Debroy

Sat, Oct 27, 2018

In his address at the launch here of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of "dual GST" (Goods and Services Tax) whose "terminal role from an economists point of view is to have a single tax structure."

ComMin for single GST rate on multimodal transport of vehicles

ComMin for single GST rate on multimodal transport of vehicles

Sun, Jan 28, 2018

Multimodal transportation includes a combination of more than one mode of movement, such as rail, road or sea, for end-to-end delivery of goods

EV drive: SIAM for 5% GST, IT deduction for individual buyers

EV drive: SIAM for 5% GST, IT deduction for individual buyers

Mon, Dec 25, 2017

In order to promote electric vehicles (EVs) in India, auto industry body SIAM has suggested reduction of GST on such automobiles to 5 per cent, besides one-time income tax deduction of 30 per cent

Govt hints at reviewing rates in top GST bracket

Govt hints at reviewing rates in top GST bracket

Sun, Dec 10, 2017

After slashing the GST rates of over 200 items last month, the government today hinted at reviewing levies on the items in the top 28 % tax bracket.

Lower GST rate on fertiliser inputs: FAI urges Govt

Lower GST rate on fertiliser inputs: FAI urges Govt

Sat, Dec 02, 2017

Fertiliser Association of India (FAI) also said that the government should bring natural gas under the GST to reduce the cost of urea production.

Badri Narain Sharma appointed chief of anti-profiteering body

Badri Narain Sharma appointed chief of anti-profiteering body

Tue, Nov 28, 2017

Senior bureaucrat Badri Narain Sharma was today appointed as the chairman of the national anti-profiteering authority under the GST regime, according to an official order.

Ensure GST composition taxpayers don't tax customers: Haryana

Ensure GST composition taxpayers don't tax customers: Haryan...

Sat, Nov 18, 2017

These directions were issued to all joint excise and taxation commissioners (Range/Appeals) and deputy excise and taxation commissioners (sales tax) for monitoring and enforcement of provisions relating to composition taxpayers under the Goods and Services Tax (GST), a spokesman of the department said.

Govt says GST rates may be rejigged to reduce burden on SMEs

Govt says GST rates may be rejigged to reduce burden on SMEs

Mon, Oct 23, 2017

Just few months after the introduction of the GST, the new tax regime has seen several teething troubles and compliance issues.

SUVs, luxury cars to get expensive as GST Council recommends hike in cess to 25%

SUVs, luxury cars to get expensive as GST Council recommends hike...

Mon, Aug 07, 2017

The GST Council has taken the decision to increase the rate in the cess charged on larger cars to 25% from the earlier GST cess of 15%.

Dealership body appeals to govt to keep GST rate at 0.5-1% on used cars

Dealership body appeals to govt to keep GST rate at 0.5-1% on use...

Tue, Jul 25, 2017

The GST rate being applied on used cars is at the highest slab and incurs tax of 29-43%, which will push sellers to go to the unorganised market instead of the organised market.

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