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GST Council Meeting 9th Sep 2024 Updates and Expectations

GST Council Meeting Live Updates and expectations: Rate rationalisation, reduction in tax slabs, insurance premiums to be discussed; What to expect?

54th GST Council Meet Live Updates, Nirmala Sitharaman Tax Announcements Live: Today, Finance Minister Nirmala Stharaman will chair the GST Council Meeting. The meeting will discuss key areas like rate rationalisation, reduction in tax slabs, removing inverted duty structure, lowering the rates for online gaming, insurance, etc.

54th GST Council Meet Live, Tax Announcements Live Updates: 
The 54th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, is all set to commence today (Monday). According to tax experts, the GST Council is expected to discuss rate rationalisation, reduction in tax slabs, removing inverted duty structure, besides lowering the rates for online gaming, insurance and other sectors. Currently at 18 per cent, the GST rate on life and health insurance premiums is expected to be reduced by the Council. 

The Union finance minister and the state finance ministers are also expected to discuss how to go forward on the plan to revamp the tax’s slab structure. Another area of discussion is also the issuance of notices to companies regarding their overseas operations.

11:31 (IST) 9 Sep 2024

54th GST Council Meet Live: Announcement expected on infosys?
According to media reports, the GST Council is likely to consider provisions to give relief to Infosys. The government is likely to retract its demand from Infosys for payment of $4 billion in back taxes. Earlier, authorities had ordered Infosys to pay the additional amount, arguing that its overseas offices should pay GST dating back to 2017. Further, the Council is also expected to address issues affecting companies like Amazon, Google, and Meta.

11:19 (IST) 9 Sep 2024

54th GST Council Meet Live: Review of exemption granted to payment aggregator platforms?

The GST Council may review the exemption granted to payment aggregator platforms for transactions below Rs 2,000 through UPI, debit/credit cards and other payment methods and consider levying an 18 per cent GST on them.
According to sources, the GST Fitment Panel is of the view that payment aggregators serve as intermediaries for transactions and therefore should not be classified as banks.

11:03 (IST) 9 Sep 2024

54th GST Council Meet Live: Hopeful that GST Council will lower GST rate on life & health insurance to 5% or even 0.1%, says Shivashish Karnani

Shivashish Karnani, Head of GST at Dewan P.N. Chopra & Co, said, “Despite being the world’s most populous country, India ranks among the lowest in terms of life and medical insurance coverage per capita. Also, the percentage of the Indian population with insurance coverage is substantially lower than that of many developed nations like the United Kingdom and the United States. The current GST rate on life and medical insurance premiums is 18% which further accelerate the affordability issue. Consequently, one of the key expectations from the 54th GST Council meeting is a reduction in tax rates or, ideally, the complete exemption of GST on life and health insurance premiums.

While a complete exemption of GST on insurance premiums might lead to challenges for the insurance industry due to potential ITC reversals under Rules 42 and 43 of the Central Goods and Services Tax Rules, 2017, the industry is hopeful that the 54th GST Council meeting will result in a significant reduction of the GST rate from 18% to a lower rate such as 5% or even 0.1%. This reduction would alleviate the tax burden on both insurers and policyholders.”

 

10:58 (IST) 9 Sep 2024

54th GST Council Meet Live: Expectations from GST Council Meeting

The 54th GST Council will discuss key issues across various industries ranging from rate rationalisation, reduction in tax slabs, removing inverted duty structure, besides lowering the rates for online gaming, insurance and other sectors.

Source - financialexpress.com

 


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Sep 9, 2024

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Sep 9, 2024


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