GST Council set to meet on September 9 to discuss key issues
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.”
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.
GST council is likely to give clarity on whether tax collected at source (TCS) should be deducted by the buyer or the e-commerce platform
The tax rate on Tocilizumab, used for treatment of Covid-19 has also been waived off. The previous tax rate was 5 per cent.
At the last meeting of the Council, it was decided to form a group of ministers (GoM) to examine the need for further reductions and decide on any new rates for medical equipment and vaccines.
The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between June 1 and August 31, a Finance Ministry statement said.
The meeting might also take a political colour as few opposition ruled states like West Bengal, Punjab have been pushing for exempting Covid vaccine from GST. The Finance Ministry has been opposing such a move that would deny the benefit input tax credit for producers.
This comes after CAIT’s day-long Bharat Vyapar Bandh', on February 26, received a lukewarm response.
