GST Council Meeting Highlights: No tax increase on any item; GST on biofuel down from 18% to 5%
GST Council Meeting Highlights: The GST Council recommended three types of offences be decriminalized. No decision on taxation of tobacco and gutka was taken, despite it being among the prominent issues on the Council meeting’s agenda today.
GST Council Meeting Live Updates: Finance Minister Nirmala Sitharaman virtually chaired the 48th meeting of the goods and services tax (GST) Council meeting on December 17.
The GST Council recommended three types of offences be decriminalized. No decision on taxation of tobacco and gutka was taken, despite it being among the prominent issues on the Council meeting’s agenda today.
The Council also announced that insurance companies’ no claim bonus will not attract GST from now. The finance minister said that no tax increase has been declared on any item today.
In another key decision, the Council has doubled the threshold for launching prosecution from Rs 1 crore to Rs 2 crore. It has further decided to reduce the compounding amount from the present range of 50 to 150 percent of tax amount to the range of 25 to 100 percent.
No tax increase on any item was announced at today’s meeting. Revenue Secy said GST on online gaming and casinos was not discussed as the report of GoM on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added.
-GST reduction on husk on pulses was announced. Tax on husk reduced to nil from five percent. Ethyl alcohol or biofuel- supplied to refineries for blending with motor spirit (petrol) down to five percent from 18 percent.