GST Council's Recommendations: What's Getting Expensive And Cheaper

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman on Saturday, announced several key recommendations to streamline tax processes and offer relief to individuals and businesses.

The goods and services tax council on Saturday decided to levy an 18 per cent GST on margin value on the sale of used electric vehicles by businesses and agreed to keep jet fuel (ATF) out of the 'one-nation-one-tax' regime.

The Himachal Pradesh government on Saturday urged the Centre to make some arrangement for hilly states in lieu of the revenue loss due to GST implementation and sought compensation on the pattern of the Kyoto protocol.

In a significant move to plug leakage, the GST Council on Saturday approved a proposal to implement 'Track and Trace Mechanism' for specified evasion-prone commodities.

From reducing GST rate on fortified rice kernel (FRK) to fully exempt GST on gene therapy, the 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, on Saturday made some key recommendations.

Journalist Mahesh Langa, who has been in jail for an alleged Goods and Services Tax scam in Gujarat, has now been sent to Rajkot Police's custody for four days.

Jaisalmer (Rajasthan): Union Finance Minister Nirmala Sitharaman on Saturday announced that the Goods and Services Tax Council has approved the reduction of GST on rice kernels to 5 per cent and exempted life-saving gene therapy from tax.

GST Council on Saturday agreed to issue a clarification on taxation of popcorn, saying that pre-packed and labelled ready-to-eat snacks will attract a 12 per cent tax while an 18 per cent GST will be levied if it is caramelised.

The Goods and Services Tax (GST) Council on Saturday deferred the decision on rate cuts on life and health insurance premiums, as some more technicalities need to be ironed out.

Ahead of a crucial GST Council meeting on tax rationalisation health and economic experts have called for a higher 'Sin Tax' on tobacco and similar harmful products to curb their consumption and bolster public health and the economy.

Food delivery aggregator Zomato on Thursday said the GST department in Thane has imposed a tax demand of Rs 803.4 crore, including interest and penalty.

Medical colleges/institutions will have to pay a penalty of Rs 20,000 (including GST) by defaulting medical colleges.

Shaktikanta Das, who will demit office as the Governor of the Reserve Bank of India on Tuesday, was the key man behind the planning and execution of the demonetisation drive and rollout of the landmark Goods and Services Tax (GST).

Shares of ITC, Varun Beverages and Godfrey Phillips India ended lower on Tuesday after the Group of Ministers on GST rate rationalisation decided to hike tax on sin goods like aerated beverages, cigarettes, tobacco and related products.