The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..
The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..
The much-awaited GST Council meeting will take place in Chandigarh today and tomorrow. The Council is likely to take up issues such as rate changes on a handful of items, including diamonds and ostomy appliances. It is also expected to discuss a group of ministers' (GoM) report on the imposition of a 28 per cent tax on online gaming, casinos and horse racing. Here's all about the GST Council and its ongoing two-day meeting. What is GST Council? The GST Council, formed in 2016 after..
The GST Council on Sunday said the location of its 47th meeting, which will be held during June 28-29, has been changed to Chandigarh, from Srinagar decided earlier. The Council-appointed group on ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai, has already conducted its meeting to discuss various, including changes to tax slabs and rates. The GoM will submit its report before the GST Council meeting. "The 47th meeting of the GST Council will be held on 28-29 June, 2..
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar. "The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar," the Finance Minister's office tweeted. This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Council was held on May 18 and 19 in the city. GST..
Existing GST rates in textile sector to continue beyond 1st January, 2022 The GST Council’s 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022. ..
The Government has amended the CGST Rules, 2017 vide Notification No. 35 / 2021 - Central Tax and Notification No. 36 / 2021 - Central Tax, Dated 24th September 2021 in order to bring into effect some of the recommendations made in the 45th GST Council Meeting. The brief of these amendments are as under- 1. Aadhaar authentication made mandatory for filing refund claims and applications for revocation of cancellation of registration Rule 10B has been inserted newly whereby Aadhaar authen..
Introduction The 45th GST Council Meeting was held on 17th September, 2021 under the chairmanship of Honorable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States & UTs and Senior officers from Union Government & States. Also, it is important to note here that this was the first in person meeting that happened in the last two years. Let us have a look a..
Arjuna (Fictional Character): Krishna, GST Council held its 45th GST Council Meeting at Lucknow on 17th September 2021. What are the recommendations by GST Council relating to changes in GST law and other procedures? Krishna: Arjuna, the GST Council has taken the following measures for streamlining compliances in GST & in relation to GST law and other procedures- 1. Requirement of filing FORM GST ITC-04 under rule 45 (3) of the CGST Rules has been relaxed as under: a. Taxpayers whos..
The GST Council met for the 45th time on 17th September 2021 at Lucknow. The Council discussed and approved: (i) Recommendations relating to GST rates on Goods and Services; (ii) Issue of Compensation Scenario; and (iii) Recommendations relating to GST Law and Procedure. I. Recommendations relating to GST rates on goods and services 1. Extension of existing concessional GST Rates on Covid-19 treatment drugs Sl. No. Proposal C..
The 45th GST Council meeting was held on September 17, 2021 Friday at Lucknow, Uttar Pradesh chaired by Union Finance Minister Nirmala Sitharaman. The Council meeting was held physically for the first time after one and half year of COVID - 19. MATTER DISCUSSED IN THE COUNCIL MEETING Expensive life-saving drugs such as Zolgensma and Viltepso used to treat muscular atrophy are exempted from GST. On the issue of the inverted duty structure, the correction in the footwear and textile sec..
45th GST Council Meeting was held on September 17th, 2021 at Lucknow. FM Nirmala Sitharaman chaired the meeting. Let’s have an understanding of the outcome and recommendations made in meeting. A. Recommendations for streamlining Compliance’s under GST Aadhar Authentication of registration has been made mandatory for filing refund application and application for revocation of cancellation of registration. Late fees on delayed Filing of Form GSTR 1 ..
The 45th GST Council meeting was held today i.e. on September 17, 2021 under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman at Lucknow. The meeting is the first in-person meeting of the GST Council in nearly two years. The previous Council meeting was held via videoconferencing on 12.06.2021. The minister also announced that concessional GST rates on Covid-19 related medicines which were applicable till September 30, have extended till December 31, 202..
Finance Minister Smt Nirmala Sitharaman will chair the 45th goods and service tax (GST) Council meeting on Friday, September 17, in Lucknow. The 45th GST Council meeting will be the first on-ground meeting in around 20 months, as the last such meeting was conducted in 2019 before restrictions were enforced due to the COVID-19 pandemic. What is the expectation analysis by the experts? The Council is likely to discuss GST compensation shortfall to states - which are ree..
Finance Minister Nirmala Sitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow today. The meeting will be attended by MOS Pankaj Chaudhary besides Finance Ministers of States & UTs and Senior officers from Union Government & States. Watch this space for the key highlights of the meeting. ..
The 45th GST Council meeting is scheduled to be held on September 17, 2021 at Lucknow. This will be a significant meeting. This is the first physical meeting after a long time. The previous Council meeting was held via video conferencing on 12.06.2021. Key matters may be discussed in the upcoming GST Council Meeting 1. The Constitution (101st) Amendment Act 2016 provides for compensation to the States for loss of revenue arising on account of implementation of the goods and services ..
The 45th meeting of Goods and Services Tax Council ("GST Council") is scheduled to be held on September 17, 2021. The Ministry of Finance tweet dated September 01, 2021 stated that the GST Council meeting will be chaired by the Hon'ble Union Finance Minister Nirmala Sitharaman and will take place in Lucknow, Uttar Pradesh. The 44th GST Council meeting was held on June 12, 2021 through Video Conferencing, in which the GST Council decided upon reduction of the GST rates ..
Ministry of Finance has announced that FM Nirmala Sitharaman will chair the 45th meeting of the GST Council on 17th September at Lucknow. Highlights of the 44th GST Council Meeting The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing on 12th June 2021. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th ..
Recommendations of 44th GST Council Meeting Change in GST Rates on goods being used in Covid-19 relief and management The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September, 2021. The meeting was also attended by Union Minist..
Pursuant to the GST Council recommendations in their 43rd meeting held on 28th May 2021 at New Delhi, CBIC has issued series of notifications relaxing GST compliance requirements. The changes are categorized in below major areas and summarized for ease of understanding – A. Reduction of late fees The Government, vide Notification No. 19/2021, dated 1st June, 2021, inter alia, has waived the late fee payable, in excess of amount as specified in the Tables, as given below: ..