Skip to main content

GST council Meeting outcomes summary

Image
By

 🌺 *Summary of Outcomes from the 54th GST Council.*

 


🍎 *1. Rates Reduced*

👉 *1.1 Namkeens* and Extruded/Expanded Savoury Food Products: GST rate reduced *from 18% to 12%* for certain savoury food products.


👉 *1.2 Cancer Drugs*: GST rate reduced from 12% to 5% on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.


🍎 *2. Rates Increased*

👉 *Car and Motorcycle Seats*: GST rate increased *from 18% to 28%* on car seats to bring parity with motorcycle seats.


🫐 *3. New Section to be Inserted*

👉 *Section 128A of CGST Act, 2017*: Introduction of procedures for waiver of interest or penalty under section 73 for FYs 2017-18, 2018-19, and 2019-20.


🍒 *4. New Rule to be Inserted*

👉 *Rule 164 in CGST Rules, 2017*: Provides procedure and conditions for waiver of interest or penalty under section 128A of CGST Act, 2017.


🍋‍🟩 *5. Clarifications*

👉 *5.1 Roof Mounted Package Unit (RMPU)* Air Conditioning Machines for Railways: Classified under *HSN 8415 with 28%* GST.


👉 *5.2 Life and Health Insurance*: A Group of Ministers (GoM) will examine GST on life and health insurance.


👉 *5.3 Flying Training Courses*: GST exemption clarified for DGCA-approved courses.


👉 *5.4 Preferential Location Charges (PLC)*: Clarified that PLC forms part of composite supply with construction services.


👉 *5.5 Affiliation Services*: Clarification on the taxability of affiliation services provided by educational boards and universities.


👉 *5.6 Ancillary/Intermediate Services by GTA*: Clarification that services provided by GTA in the course of transportation constitute a composite supply.


👉 *5.7 Import of Services by Branch Office*: GST exemption clarified for services imported by foreign airline companies without consideration.


🫐 *6. Others*

👉 *6.1 Reverse Charge Mechanism (RCM)*: Introduced on the supply of metal scrap and renting of commercial property by unregistered persons.


👉 *6.2 B2C E-Invoicing*: Pilot rollout recommended for selected sectors and states.


👉 *6.3 Invoice Management System (IMS)*: Introduction of new ledgers, including a Reverse Charge Mechanism (RCM) ledger and an Input Tax Credit Reclaim ledger.


👉 *6.4 Film Distribution Services*: GST liability for past periods regularised where the distributor acts on a principal basis.


👉 *6.5 Electricity Supply Services*: Exemptions provided for certain ancillary services related to electricity supply.


🍎 *7. New Recommendations*

👉 *Group of Ministers (GoM) on Compensation Cess*: Formation recommended to study the future of compensation cess.


✅ Regards:

Comments

Post a Comment

Popular posts from this blog

Expected Changes in Income Tax and GST from the Indian Budget 2025

By
  Background :- The Union Budget 2025, which is set to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is highly anticipated, as it will address the pressing economic issues and outline the government’s fiscal strategy for the upcoming year. Given the current economic landscape, which includes post-pandemic recovery, inflation control, and a rising global economic shift, many expect significant reforms in both Income Tax and Goods and Services Tax (GST) structures. This article explores the anticipated changes in these two critical areas, which affect both individual taxpayers and businesses in India. India’s Growth in GDP has declined from last year growth percentage of 7-8% to 5-6% per annum. While for us to become Developed Nation, it is very important to achieve at least 10-12% growth rate per year. For achieving Such growth rate it is important that people have disposable income. The very Basic concept of taxation is Taking From Rich and Giving ...
1 comment
Read more

All About ITR 2 AY 2017-18

By
The Income Tax Department has issued ITR forms for AY 2017-18. A taxpayer should be very careful while selecting the form no. for filing the return. In this article,let's discuss about ITR-2. 1. Assessment Year for which this Return Form is applicable:- This Return Form is applicable for assessment year 2017-18 , i.e., it relates to income earned in Financial Year 2016-17.   2. Who can use this Return Form:- This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.  3. Who cannot use this Return Form:-  This Return Form should not be used by an individual whose total income for the assessment year 2017-18 includes Income from Business or Profession under a...
Post a Comment
Read more