India Breaking News: This news blog delivers an article about the 55th GST Council meeting held in Jaisalmer on 21st December. Find on this portal the meeting decisions, exemptions, and acceptance. In the GST exemption, the general therapy, rice kernel tax, etc.Â
- In the meeting held, the Union Finance Minister of India stated in the media that there was a discussion on separate GST on food delivery charges to quick commerce companies and e-commerce apps; however, no resolution has been taken yet for further acceptance.
- She also stated that the goods and services tax for the GST on rice kernel has been reduced from 18% to 5 per cent ( if the goods are delivered to the weaker section or society via PDS (public distribution system).
- Moreover, in the new changes in the Indian Goods and Services Tax, there has been an increase in the popcorn that has been cooked and has added flavour. It is also mentioned that the addition of sugar in it made it fall under a separate category, same as the soda cold drinks that are not good for health. Just to clarify that there is no increase in GST on both salty and plain popcorn.
- For knowledge purposes, know that farmers who supply black pepper do not need to pay GST tax; however, if the product is sold by a merchant, then the farmer needs to pay GST tax.
- Another exemption in the new meeting discussion is the SAM (surface-to-air missile) manufacturing parts, which includes software also.
- One good news is that Banks and NBFCs should not collect GST on penalty charges related to loan borrowers.
- It was also mentioned that the ACC block used in the construction of buildings’ walls and foundations, if it contains 50% fly ash, then it needs to pay 12% GST.
- It might be helpful to know that TTF (Aviation turbine fuel) is not included under the GST regime, even though the airline company requested the state government to decline the move. The government fears that if it is included, there could be a loss in revenue.
- In the latest edition, electric vehicle sales need to pay 18 per cent Goods and Services Tax in India. This is for the Proper registered vehicle seller only, and it doesn’t apply to sales between two people. If two individuals sell each other an electric vehicle, then there is no need to pay the tax; it is exempt.
Which is the latest GST Council meeting held in India?
As mentioned above, the 55th edition of the GST Council meeting held at Jaisalmer, Rajasthan, India, on 21st Dec is the latest meeting of 2024, and it was led by our Union Finance Minister Nirmala Sitharaman.
What are the latest GST slab rates?
The slab rates of goods and services tax in India have been categorised into 4 slabs, and they comprise 0%, 5%, 12%,18%, and 28%. Sellers or business persons who are engaged in GST filing need to know the slab rates for various products. We suggest that filing be done quarterly or monthly, but do it regularly with proper filing. If you think you are not familiar with or don’t fully know how to file a GST return, then you should contact the nearest GST office or CSC centres, and professionals may help you file it quickly.
Where is the Headquarters of the GST Council of India located?
The headquarters of the GST Council of India is located in New Delhi. It first started on 1st July 2017; however, it has been administered by the state as well as by the central government.
When did the GST formation take place in India?
The system of Goods and Services Tax system was formed in India on 12th September 2016, with its headquarters in New Delhi. Nirmala Sitharaman, the Union Finance Minister, is the current chairperson of the India GST Council. It was the Indian President, Sri Pranabh Mukherj ji, who first launched this goods and services tax from the Central Hall of the Indian Parliament on 30th June 2017. It comes with a limit of Rs 40 lakhs for goods and Rs 20 lakhs for services. GST is mandatory for business companies or entities whose turnover exceeds Rs 40 lakhs /Rs 20 lakhs, or Rs 10 lakhs is mandatory for registration as a normal taxpayer under GST. It should be kept in mind that without GST registration, if you are doing merchant business, then there is a probability that you may also get a penalty.
It might be useful to know that GST has 4 types, and they comprise CGST, SGST, IGST, and UTGST, i.e., central, state, integrated, and union territory Goods and Services Tax, respectively.
What happens if you have a GST number and don’t file a return regularly?
In case of not filing the GST return on time, the penalty may be charged according to the GST rules. The penalty may be higher or lower depending on the duration of not filing the tax return. There are various options to do this. If you wish to continue paying the GST and start filing it regularly, or if you want to quit the business, then there is one option, i.e sue the motto case. First, contact thenearest GSTT CE.
We suggest every GST user learn more about what GST is and how to file it, unless they spend lots of money to have it professionally done.
Don’t have GST? Want a new registration guide?
If you are a business person and sell as a retailer or wholesaler as a merchant, then it is compulsory that you file the GST return on time. To do so, you need a GST Number, which you can only get via registration on the GST portal online for free. After visiting the Portalfill part A, ie with PAN details, Mobile number, and email. After this step, an OTP will be sent to your registered email or mobile number. Once the verification is done completely, it is required to upload the necessary document (s), nd along with it, fill the Part B section. Once completed, a reference number will be sent to your email address or displayed on the screen. In the case of an error, you may consult any tax professional nearby or see YouTube video lessons uploaded by various GST consultants and professionals.