Union Finance Minister Nirmala Sitharaman chaired the 53rd GST Council meeting in New Delhi on Saturday. The Union Finance Minister also held pre-budget consultations. It was held with finance ministers of other states and UTs before the 53rd GST meeting. After a total gap of eight months, the 53rd GST meeting was organized. The previous meeting was held on the 7th of October 2023. Continue reading to know what crucial discussions took place at the meeting.
The 53rd GST Council
Along with finance ministers from states and union territories, MoS finance Pankaj Chaudhary, chief ministers of Goa and Meghalaya, deputy chief ministers of Bihar, Haryana, Madhya Pradesh, and Odisha, and other senior officers attended the meeting. Various recommendations were made during the meeting.
Ms. Sitharaman emphasized in the pre-budget meeting how the Centre supports states by delegating taxes on time. She also mentioned how the Centre supports by paying GST compensation arrears to spur economic growth. She urged states to make use of the program whereby the Centre provides them with a 50-year loan with no interest for carrying out certain reforms.
Changes In The Goods And Service Tax GST Rates
- Up to ₹ 20,000 per person per month, services provided by hostels outside of educational institutions are free from GST Council taxes. The student must, however, have resided at the hostel nonstop for ninety days to be eligible.
- The purchase of train tickets, as well as the payment of waiting room and cloakroom fees, are not subject to GST. Likewise, services such as intra-railway services and battery-operated vehicles would be GST-free.
- Additionally, the Council suggested that Aadhaar authentication for GST registration applicants be implemented gradually throughout India using biometrics.
- The GST Council suggested a uniform rate of 12% on milk cans. The waiver of interest on penalties on tax demand notices was too suggested.
- To support MRO activities, imports of aircraft parts, components, testing equipment, tools, and toolkits will be subject to a uniform 5% IGST rate, regardless of their HS classification, subject to certain requirements.12% GST will be applied to all milk cans made of steel, iron, or aluminum.
- For all varieties of carton boxes and cases made of paper or paperboard, whether corrugated or not, a 12% GST rate was also advised.
- All solar cookers—whether they use one or two energy sources—will be subject to a 12% Goods and service tax. The council has made it clear that a 12% Goods and service tax will be applied to all kinds of sprinklers, including fire water sprinklers.
What do you think about the recent changes and recommendations? Also, let us know if the exemptions are a relief.
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