GST Council meeting: Union Finance Minister Nirmala Sitharam chaired the 48th meeting of the GST Council on Saturday in New Delhi. The meeting was conducted via virtual mode.
"Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today. Along with the FM, Union Minister of State for Finance Shri @mppchaudhary, besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting (sic)," the Ministry of Finance wrote on Twitter.
According to the Finance Minister, 8 out of 15 of the agenda points of the 48th GST council meeting were discussed and the remaining would be carried on to the next meeting. Sitharaman further said that seven agenda points were attended in sequential order with an additional one related to data sharing was also discussed.
Here are some key highlights of the meeting:
"In this 48th GST Council Meeting, there hasn't been any tax increase on any item. No new taxation has been brought in. Everything that has been done is to issue clarifications where the ambiguity of interpretations prevailed, she added.
The Council has clarified on what constitutes an SUV and attracts the tax applicable for such categories of automobiles.
The report of the Group of Ministers (GoM) was not even circulated to GST Council members. The Council also agreed to raise the threshold of launching prosecution to Rs 2 crore from the present Rs 1 crore. Also, the GST on the husk of pulses was reduced to nil from 5%.
Meanwhile, Ethyl alcohol or biofuel- supplied to refineries for blending with motor spirit (petrol) down to 5% from 18%.
GST on online gaming and casinos was not discussed as the report of a GoM, chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back.
It should be mentioned here that the GST Council is the highest 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 UT are represented in the body.
About 47th GST Council meet
The 47th meeting of the GST Council was organised this year in the month of June in Chandigarh.
The Goods and Services Tax (GST) was rationalised for many commodities like LED lamps and solar water heaters among others as a result of the recommendations that were discussed during the two-day 47th GST Council meeting. Later, the GST Council-recommended rate became effective on July 18 this year.
(With inputs from agencies)
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