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- GST Council To Deliberate On Taxation Of Insurance Premium And Online Gaming
New Delhi5 minutes ago
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The 54th meeting of the GST Council will be held tomorrow i.e. on 9 September (Monday). In this meeting, many issues including GST on insurance premium will be discussed. Many experts are talking about abolishing or reducing GST on health insurance.
What decision the government will take on this will be known tomorrow. If GST on insurance is reduced or abolished, it will provide great relief to the common people. It will become cheaper for them to buy insurance.
In this meeting, many issues including the condition report on online gaming will be discussed. According to sources, the fitment committee comprising central and state tax officials will present a report related to the GST and revenue levied on life, health and re-insurance premiums.
Tax on health insurance can be reduced to 18% The GST Council, headed by Union Finance Minister Nirmala Sitharaman and comprising state ministers, will decide whether the tax burden on health insurance should be reduced from the current 18% or exemption should be given for certain categories like senior citizens. The meeting will also discuss the reduction in GST on life insurance premium.
The tax burden on health insurance may be reduced from the current 18% in the GST Council meeting chaired by Union Finance Minister Nirmala Sitharaman.
Condition report will be presented regarding online gaming Central and state tax officials will present a condition report to the GST Council regarding online gaming. The report will state how much GST revenue has been received from the online gaming field before and after 1 October 2023. 28% GST was imposed on online gaming, casinos and horse racing from 1 October 2023 itself.
Online gaming platforms must pay 28% GST Earlier, many online gaming companies were not paying 28% GST. The companies argued that there are different tax rates for games of skill and games of chance. In its meeting in August 2023, the GST Council had clarified that online gaming platforms are required to pay 28% GST.
The 53rd meeting of the GST Council was held on 22 June The 53rd meeting of the GST Council was held on 22 June. Then it was decided to impose 12% tax on milk cartons and solar cookers. Finance Minister Nirmala Sitharaman had said that biometric authentication will be implemented across the country in a phased manner to stop fake bills. At the same time, services like platform tickets, retiring rooms and waiting rooms of Indian Railways were exempted from GST.
Finance Minister Nirmala Sitharaman chaired the 53rd meeting of the GST Council on June 22.
Major decisions of the 53rd meeting of the GST Council
- Railway services like battery operated vehicles and intra-railway services exempted from GST.
- A uniform rate of 12% was fixed on milk cans, i.e. all types of milk cartons.
- 12% tax on all types of sprinklers including fire sprinklers.
- 12% GST on all solar cookers.
- 12% GST on carton boxes. Earlier it was 18%.
- 12% GST on parts of poultry keeping machinery.
- GST exemption on hostels outside educational institutions also.
- 5% IGST on import of aircraft parts, components, testing equipment, tools and tool-kits.
Interest and penalty on demand notice waived The Finance Minister had said that the maximum amount for filing an appeal before the Appellate Authority will be reduced from Rs 25 crore to Rs 20 crore CGST pre-deposit. To help small taxpayers, the Council recommended June 30 as the date for filing GSTR4 returns for 2024-25.
To reduce litigation, the council recommended a limit of Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing appeals. Interest and penalty on demand notices for 2017-18, 2018-19, 2019-20 will be waived if tax is paid by March 31, 2025.
Intention to bring petrol and diesel under the ambit of GST Sitharaman had said that the central government intends to bring petrol and diesel under the ambit of GST. No amendment is needed for this. States need to join in and decide the GST rate on fuels. She had said that a Group of Ministers (GoM) has been formed to rationalize the rates, which will submit a report to the GST Council in August.
The government collected ₹1.75 lakh crore from GST in August The government has collected Rs 1,74,962 (about 1.75 lakh) crore from GST in August 2024. There has been an increase of 10% on an annual basis. Last year, GST of Rs 1,59,069 (1.59 lakh) crore was collected in August.
During this period, the government has collected Rs 1.25 lakh crore tax from domestic business i.e. business happening within the country. There has been a growth of 9.2% on an annual basis. At the same time, the government has collected Rs 49,976 crore as revenue through imports. There has been an increase of 12.1% in this in one year.
- The August collection is the fourth-largest ever collected for any month.
- It is the third largest GST collection of FY 2024-25.
- In August, the government refunded a total amount of Rs 24,460 crore.
- After refunds, net GST revenue for August stood at Rs 1,50,501 crore.
- Net GST is 6.48% higher as compared to August 2023.
GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, Abhishek Jain, National Head of KPMG, said that the highest GST collection till date reflects a strong domestic economy.
GST was implemented in 2017 The government implemented GST across the country on 1 July 2017. After this, 17 taxes and 13 cess of the central and state governments were abolished. On the completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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