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Currently, 18 per cent GST is levied on health and life insurance premiums

GST On Insurance: Decision To Be Taken At GST Council's November Meet Says FM

Currently, 18 per cent GST is levied on health and life insurance premiums

The GST Council has decided to set up a new GoMs (Group of Ministers) on medical and health insurance. It will be the rate rationalisation GoM headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose.
Speaking to media after the GST Council's meeting, Finance Minister Nirmala Sitharaman said that the new GoM has been asked to look into the insurance GST matter and come up with a report by the end of October 2024.
The GST council which will meet in November will take the final call based on this report which will come from the GoM.
In August 2024, Union Minister Nitin Gadkari had written to the Finance Minister, urging her to consider withdrawing the 18 percent GST on life and medical insurance.
Gadkari wrote to Nirmala Sitharaman after LIC employees in Nagpur apprised him of the challenges the insurance sector was facing. In his letter, Gadkari argued that GST on insurance taxes life's uncertainties and hinders sector growth, and therefore it should be removed.
Following Nitin Gadkari's letter, opposition parties also demanded the withdrawal of GST on insurance products. On August 6, 2024, INDIA bloc members led by Congress leader Rahul Gandhi protested outside Makar Dwar in Parliament against Central Govt, demanding the rollback of GST on health and life insurance.
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The 52nd GST Council meeting's decisions included reducing molasses GST from 28% to 5% and imposing 18% GST on personal guarantees for bank loans

GST council meeting highlights: Key decisions include GST cut on Millet flour and Molasses

The 52nd GST Council meeting's decisions included reducing molasses GST from 28% to 5% and imposing 18% GST on personal guarantees for bank loans

The 52nd Goods and Services Tax Council meeting was held today at Sushma Swaraj Bhawan in New Delhi, chaired by Union Finance Minister Nirmala Sitharaman. The meeting was attended by Union Minister of State for Finance, besides Finance Ministers of States and UTs (with Legislature) and Senior officials from Union Government and States.
The council discussed several key issues, including the exemption of GST on powdered millets, extending the concessional rate of 18% GST on vehicles purchased by visually impaired persons, and taxability on corporate guarantee and bank guarantee given by the directors and promoters of the companies. The council also reviewed the implementation of the 28% levy on online gaming, horse racing, and casinos.
The council decided to reduce GST on molasses from 28% to 5%. It also agreed to levy an 18% GST on personal guarantees given by promoters/directors against loans given by banks. The council is expected to release a circular providing clarification that data center services are to be considered as exports, exempt from GST, particularly in the case of overseas customers.
FM Sitharaman announced that no tax rate would be imposed on millet flour containing 70% composition. She also stated that branded products would be levied with a 5% tax rate. The FM also approved the formation of GST Tribunal. Apart from this, IGST will not be imposed on imported cancer drugs.
The council&rsquo;s decisions will have a significant impact on businesses and consumers alike. The reduction in GST on molasses will benefit sugar mills and distilleries. The exemption of GST on powdered millets will provide relief to farmers and consumers. The reduction in tax rates for branded products will make them more affordable for consumers. The decision to levy an 18% GST on personal guarantees given by promoters/directors against loans given by banks will have an impact on businesses&rsquo; borrowing costs.
Overall, the decisions taken at the 52nd GST Council meeting are expected to have a positive impact on businesses and consumers alike. &nbsp;

The monthly GST revenue has remained at more than Rs 1.4 lakh crore for 12 months in a row, including February

GST collection rises 12% in February

The monthly GST revenue has remained at more than Rs 1.4 lakh crore for 12 months in a row, including February

Goods and Services Tax (GST) collections rose 12 per cent to more than Rs 1.49 lakh crore in February as domestic economic activities and consumer spending on high-end goods gained momentum.
However, the collections are lower than January mop up of Rs 1.58 lakh crore, which was also the second highest monthly revenue figure since the rollout of GST on July 1, 2017.
"Rs 1,49,577 crore gross GST revenue collected in February 2023; 12 per cent higher than GST revenue in same month last year," the finance ministry said in a statement on Wednesday.
Generally, February being a 28-day month, witnesses a relatively lower collection of GST revenue, the ministry said.
During the month, revenues from domestic transaction (including import of services) were 15 per cent higher while revenues from import of goods was 6 per cent higher compared to the same month last year.

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts on Feb 18 

GST Council meeting on Feb 18, here's a list of key expectations 

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and attended by her state counterparts on Feb 18&nbsp;

The GST Council in its meeting on Saturday is likely to discuss setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha business, sources said.
The report of panel of ministers on Goods and Services Tax (GST) on online gaming and casinos may not come up for deliberation at the February 18 meeting of the GST Council, chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts.
The items, which could not be discussed by the Council in its last meeting on December 17, 2022, would top the agenda of the 49th GST Council meeting on February 18, the sources said.
The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry would be taken up for discussion.
The report of the GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala.
The GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as president.
However, the Meghalaya chief minister Conrad Sangma chaired panel report on online gaming is unlikely to come up for discussion. The report has already been submitted to the Union finance minister and it has to be circulated to states before it could come up before the Council for deliberation.
The GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.The court ruled that both Parliament & State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."  Justice Chandrachud read out. 

Supreme Court says GST Council recommendations are not binding on States

GST Council Recommendations Not Binding On Centre &amp; States Both Parliament &amp; State Legislatures Can Legislate On GST Justice DY Chandrachud: "Recommendations of GST council are product of collaborative discussion. It is not imperative that one of the federal units must always possess a higher share

States can legislate on GST, SC ruling changes the dynamic

Central government and States have simultaneous powers to legislate on GST: Supreme Court

In a game changing judgement the Supreme Court has ruled that the Central government and States have simultaneous powers to legislate on Goods and Service Tax (GST).
A bench led by Justice DY Chandrachud held that the Parliament intended that the recommendations of the GST Council will have persuasive value but are not binding on the states.
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The court ruled that both&nbsp;Parliament &amp; State Legislatures can legislate on GST.
In a twist for compensation share the bench stated that recommendations of GST council are product of collaborative discussion. "It is not imperative that one of the federal units must always possess a higher share."&nbsp; Justice Chandrachud&nbsp;read out.&nbsp;
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