India Breaking news: This news blog delivers an article about the 55th GST council meeting held at Jaisalmer on 21st December. Find on this portal about the meeting decision, exemption and acceptance. In the GST exemption the general therapy, rice kernel tax, etc.
- In the meeting held the union finance minister of India stated on media that there was discussion on separate GST on food delivery charges to quick commerce companies and e-commerce apps however there was no resolution taken yet for further acceptance.
- She also stated that the goods and service tax for the GST on rice kernel has been reduced from 18% to 5 percent ( if the goods is delivered to the weaker section of the society via PDS (public distribution system).
- Moreover in the new changes in the India Goods and service tax, there have seen an increase in the popcorn that has been cooked and added flavour. It also mentioned that the addition of sugar in it made it include in separate category same as the soda cold drinks that are not good for health. Just to clarify that there is no increase of 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) missile manufacturing parts that includes software also.
- One good news is that Banks and NBFCs also should not collect GST on penalty charges related to loan borrowers.
- It also mentioned the ACC block used in the construction of buildings’ walls and foundations, that if it contains 50% of fly ash then it needs to pay 12% GST
- It might be helpful to know that the ATF (Aviation turbine fuel) is not included under the GST regime even though the airline company requested the state govt decline the move. The govt fears that if it is included there could be a loss in revenue
- In the latest edition, the electric vehicle sale need to pay 18 percent of Goods and service tax in India. This is for the Proper registered vehicle seller only and it don’t apply in selling between two people. If two individuals sells each other an electric vehicle then there is no need to pay the tax, it is exempted.
Which is the latest GST council meeting held in India?
As mentioned also 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 out Union Finance Minister Nirmala Sitharaman.
What are the latest GST slab rates?
The slab rates of goods and service tax in India have been categorized 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 filing is done quarterly or monthly but do it regularly with proper filing. If you think you are not familiar with or don’t know fully how to file a GST return then you should contact any nearest GST office or CSC centers where professionals may help you file it quickly.
Where is the Headquarters of GST Council India located?
The headquarters of the GST Council of India is located in New Delhi. It first started on 1st July 2017, however, it is been administered by the state as well as by the central.
When did GST formation take place in India?
The system of Goods and service tax was formed in India on 12th September 2016 with its HQ at New Delhi. Nirmala Sitharaman the Union Finance minister is the current chairperson of India GST council. It was the Indian President Sri Pranabh Mukherji who first launched this goods and service tax from the Central Hall of the Indian Parliament on date 30th June 2017. It comes with a limit also at Rs 40 lakhs for goods and Rs 20 lakhs for services. What GST is that for those business companies or entities whose turnover exceeds Rs 40 lakhs /Rs 20 lakhs or Rs 10 lakhs are mandatory to register as a normal taxpayer at GST. It should be kept in mind that without GST registration if you are doing merchant business then there is the probability that you may get a penalty also.
It might be knowledgeable to know also that GST has 4 types and they comprises CGST, SGST, IGST, and UTGST i.e., central, state, integrated, and union territory Goods and service tax respectively..
What happens if You have a GST number and don’t file RETURN regularly?
In case of not filing the GST return on time, the penalty may be charged according to the rule of GST. The penalty may be higher or lower depending on the duration of not filing the tax. There are various options to do this. If you wish to continue the pay the GST and start filing it regularly or in case of you want to quit the business then there is one option i.e sue the motto case. For a sue motto case contact your nearest GST office.
We suggest every GST user learn more about what is GST and how to file it unless they spend lots of money to professionally for filing it.
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 you file the GST return in time. To do so you need a GST Number which you only get via registration on the GST portal online freely. After visiting the Portalm, fill the 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 documents and 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.