GST Council Meeting Tomorrow: Expectations and Key Issues to be Discussed
GST Council Meeting, GST Compensation Cess, GST on Insurance Premiums, Relief for Foreign Airlines, GST Cuts and Exemptions
Gst Council MeetingGst Compensation CessGst On Insurance PremiumsRelief For Foreign AirlinesGst Cuts And ExemptionsReal Estate NewsSep 08, 2024
The Council may also discuss whether to replace this cess with a new tax or cess in the future. Another important issue that may be addressed is the GST rate on life and health insurance premiums, which is currently set at 18 per cent.
There are rumors that the Council may consider a reduction in the GST rate on these premiums, which could bring some relief to policyholders if approved. Foreign airlines may also get some relief from the GST burden, as the Council could decide to exempt the import of services by foreign airlines’ head offices when these services are provided without charge.
Several other relief measures are on the table, including possible GST cuts for cancer drugs and exemptions for electricity meter services. The Council will also review support measures for the real estate and metal industries, which could benefit property buyers and students.
Additionally, the Council might provide clarity on the GST rules for payment aggregators like PineLabs and Razorpay. Currently, transactions below Rs 2,000 are exempt from GST, but a proposal to charge 18 per cent GST on the income of payment aggregators for facilitating these transactions is under review.
The 53rd GST Council Meeting was the Council’s first meeting after the 2024 Lok Sabha elections. It took place on June 22, 2024, in New Delhi, after nearly eight months from the previous one held. The meeting was led by the newly appointed Union Finance Minister, Nirmala Sitharaman.
The Goods and Services Tax (GST) Council is a constitutional body that makes recommendations to the government on GST-related issues. The Council is chaired by the Union Finance Minister and consists of state finance ministers.
Information The GST Council has been instrumental in shaping the GST regime in India since its introduction in 2017. The Council has made several key decisions, including the introduction of the GST compensation cess, which has been a topic of discussion in recent meetings.
Keywords Tags GST Council Meeting, GST Compensation Cess, GST on Insurance Premiums, Relief for Foreign Airlines, GST Cuts and Exemptions
FAQs
Q What is the GST compensation cess?
A The GST compensation cess is a tax levied on certain goods and services to compensate states for the loss of revenue due to the implementation of GST.
Q What is the current GST rate on life and health insurance premiums?
A The current GST rate on life and health insurance premiums is 18 per cent.
Q Will foreign airlines get relief from the GST burden?
A Yes, the Council may decide to exempt the import of services by foreign airlines’ head offices when these services are provided without charge.
Q What are the possible GST cuts and exemptions that may be discussed?
A Possible GST cuts and exemptions include GST cuts for cancer drugs and exemptions for electricity meter services.
Q What is the proposal for payment aggregators like PineLabs and Razorpay?
A The proposal is to charge 18 per cent GST on the income of payment aggregators for facilitating transactions below Rs 2,000.
Frequently Asked Questions
What is the GST compensation cess?
The GST compensation cess is a tax levied on certain goods and services to compensate states for the loss of revenue due to the implementation of GST.
What is the current GST rate on life and health insurance premiums?
The current GST rate on life and health insurance premiums is 18 per cent.
Will foreign airlines get relief from the GST burden?
Yes, the Council may decide to exempt the import of services by foreign airlines’ head offices when these services are provided without charge.
What are the possible GST cuts and exemptions that may be discussed?
Possible GST cuts and exemptions include GST cuts for cancer drugs and exemptions for electricity meter services.
What is the proposal for payment aggregators like PineLabs and Razorpay?
The proposal is to charge 18 per cent GST on the income of payment aggregators for facilitating transactions below Rs 2,000.
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