- Advertisement -
Home FINANCE GST rates changed, rates of these items and services changed, check the...

GST rates changed, rates of these items and services changed, check the complete list

0
GST rates changed, rates of these items and services changed, check the complete list
GST rates changed, rates of these items and services changed, check the complete list

GST Council Meet: The 53rd GST Council meeting was held in New Delhi under the chairmanship of Union Finance Minister Nirmala Sitharaman. In this meeting, the GST Council made 10 important announcements. Know the 10 important things of the 53rd GST Council meeting. Read the full news…

New Delhi: Finance Minister Nirmala Sitharaman announced several important measures during the 53rd GST Council meeting. The session, chaired by Sitharaman, was attended by state finance ministers and focused on tax revisions, Aadhaar biometric integration and relaxation in railway services.

53rd GST Counseling Meeting

  1. Aadhaar-based Biometric Authentication-Finance Minister Nirmala Sitharaman announced that biometric-based Aadhaar authentication is going to be introduced across India. This will help us deal with fraudulent input tax credit claims made through fake invoices in cases. The initiative aims to increase tax compliance by curbing fraudulent practices such as fake invoices.
  2. GST rate on milk cartons-A uniform GST rate of 12 per cent was announced for all milk cartons, whether made of steel, iron or aluminium.
  3. Petrol and Diesel under GST-The central government reiterated its stand to bring petrol and diesel under GST, pending a consensus among states on the applicable tax rate. The move is being seen as a step towards a uniform tax on fuel across the country.
  4. Indian Railway Services-The Council gave GST exemption on platform tickets, which aims to reduce the financial burden on passengers.
  5. Reduction in GST for carton boxes-The GST rate on different types of carton boxes has been reduced from 18% to 12%. The change is aimed at benefiting both manufacturers and consumers by reducing the overall cost of these essential packaging materials.
  6. Discount for hostel-Services related to hostel accommodation outside educational institutions are exempted from GST up to Rs 20,000 per person per month. This exemption is designed to make hostel accommodation more affordable for non-student residents.
  7. Central assistance and conditional loans to states-Finance Minister Sitharaman emphasised the Central Government’s commitment to assist the states through timely tax transfers, Finance Commission grants and GST compensation settlement.
  8. Deadline for filing GSTR 4 extended for small taxpayers-To help small taxpayers, the Council recommended extending the deadline for furnishing details and returns in GSTR 4 form from April 30 to June 30. This will be applicable for returns for the financial year 2024-25.
  9. Waiver of interest and penalty for non-fraud cases-Finance Minister Nirmala Sitharaman announced that the GST Council has recommended waiving interest and penalty for demand notices issued under section 73 of the GST Act. This exemption applies to cases that do not involve fraud, suppression or misstatement.
  10. New monetary limits for filing appeals-Finance Minister Nirmala Sitharaman further announced that the GST Council has recommended setting monetary limits for filing appeals by the department in different courts.
-Advertisement-

Exit mobile version