Union Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies.
In a post on social media platform X, the Council said, “The 54th Meeting of GST Council will be held on 9th September, 2024 at New Delhi.”
Waiver is applicable for demand notices issued under Section 73 of the CGST Act for the fiscal years 2017-18, 2018-19 and 2019-20, in cases where the taxpayer pays the full amount of tax demanded in the notice upto 31.03.2025, the Council said.
Food preparations in powder form containing at least 70 per cent millets will not have to pay any GST, Finance Minister Nirmala Sitharaman said.
Law Committee will examine suitable amendment in law to exclude ENA for use in manufacture of alcoholic liquors for human consumption from ambit of GST.
Out of 15 items, the GST Council meeting, chaired by Union Finance Minister, Nirmala Sitharaman, has completed 8 and the remaining crucial issues to be discussed in the next round of meetings.
"The 48th Meeting of the GST Council will be held on 17th December, 22022 by video conference," the GST Council tweeted late Friday evening. Union finance minister Nirmala Sitharaman is the chairperson of the Council.
The GST Implementation Committee of the GST Council has approved the extension of the due date of filing GSTR-3B returns for the month of September for monthly filers by a day. The earlier due date was October 20, which is now October 21, i.e. Friday.
"Consequently, the existing GST rates in the textile sector would continue beyond 1st January, 2022," the Finance Ministry said.
Mitra, who demanded for a full tax waiver on Covid-related medical supplies, said his demand for zero GST rate or a token 0.1 per cent would have enabled tax reduction to consumers as well as availability of tax credits to producers was ignored.
