Punjab Finance Minister Harpal Singh Cheema urges the extension of the GST compensation cess beyond 2026 to mitigate revenue loss and ensure fiscal stability for states.

Mumbai, Sep 3 (SocialNews.XYZ) The Indian equity indices closed higher on Wednesday amid euphoria around GST rationalisation as the two-day GST Council meeting kicked off. Sensex settled at 80,567.71, up 409.83 points or 0.51 per cent. The 30-share index opened a bit higher at 80,295.99 against last session's closing of 80,157.88. The index escalated the gaining momentum further to hit an intraday high at 80,671.28, buoyed by buying in metal, FMCG, Auto and banking stocks.

Jaisalmer/New Delhi, Dec 21 (SocialNews.XYZ) 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 to provide relief to individuals and businesses. The Council recommended exemption of GST on contributions by general insurance companies from third-party motor vehicle premiums for Motor Vehicle Accident Fund.

New Delhi: जीएसटी परिषद की महत्वपूर्ण बैठक तीन सितंबर से शुरू हो चुकी है। इस बैठक में वस्तु एवं सेवा कर के ढाँचे में बड़े बदलावों पर चर्चा हो रही है। मौजूदा चार स्लैब व्यवस्था को सरल बनाने पर विशेष ध्यान दिया जा रहा है। इससे आम उपभोक्ताओं को काफी राहत मिलने की संभावना है। टैक्स स्लैब में होने वाले प्रमुख बदलाव वर्तमान में बारह प्रतिशत स्लैब में आने वाले निन्यानबे प्रतिशत सामानों को पाँच प्रतिशत स्लैब में शिफ्ट किया जा सकता है। अट्ठाईस प्रतिशत स्लैब वाले नब्बे प्रतिशत उत्पादों को अठारह प्रतिशत स्लैब में लाने का प्रस्ताव है। ये फैसले प्रधानमंत्री के हालिया ऐलान को ध्यान में रखते हुए लिए जा सकते हैं।

The tax regime is under strain as revenue concerns and trust deficits delay key decisions ahead of the August GST Council meet. #GST

New Delhi/Jaisalmer, Dec 21 (SocialNews.XYZ) 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. The GST exemption/reduction on life and health insurance premiums is a long-pending demand of the industry, as the move would alleviate the tax burden on both insurers and policyholders.

वस्तु एवं सेवा कर (GST) लागू होने के बाद से समय-समय पर जीएसटी काउंसिल द्वारा दरों, छूटों और प्रशासनिक प्रावधानों में बदलाव किए जाते रहे हैं। इसी क्रम में...

New Delhi, Dec 21 (SocialNews.XYZ) As the 55th meeting of the GST Council was set to begin in Jaisalmer on Saturday, chaired by Union Finance Minister Nirmala Sitharaman, the proposed rate cut on health insurance premiums and the inclusion of Aviation Turbine Fuel (ATF) under the GST ambit would be among the key focus areas. The GST Council is also set to deliberate on revising the rates of nearly 150 items during the meeting which is likely to help the Centre generate additional revenue of nearly Rs 22,000 crore.

New Delhi, Sep 3 (SocialNews.XYZ) The GST Council, in its ongoing meeting here, has veered around to bringing consumer goods such as shoes and clothes in the lower price range of up to Rs 2,500 under the lowest GST tax bracket of 5 per cent, according to sources. This would bring more items into the lowest tax bracket, as currently only goods priced up to Rs 1,000 attract a GST of 5 per cent, while those costing more are taxed at a higher 12 per cent.

Nirmala Sitharaman clarifies that the 18% GST increase on second-hand EVs applies only to business entities, not individuals, and is based on the resale margin value.

Punjab Finance Minister Harpal Singh Cheema advocates for extending the GST Compensation Cess beyond 2026 to address revenue losses and ensure fiscal stability.

rate rationalisation would benefit all families

The GST Council in its meeting will deliberate on the taxation of the health and the life insurance policies.

Punjab Finance Minister Harpal Singh Cheema opposes bringing ATF under GST, warns of fiscal crisis for states, and advocates for GST reforms during Council meeting.

GST Council, chaired by Nirmala Sitharaman, makes key recommendations including GST rate cuts on fortified rice kernel and gene therapy, along with multiple exemptions.