National Politics

Delhi: Nirmala Sitharaman Chairs 48th GST Council Meeting

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Union finance minister Nirmala Sitharaman on Saturday chaired the 48th meeting of the GST Council

New Delhi: Union finance minister Nirmala Sitharaman on Saturday chaired the 48th meeting of the GST Council.

“Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today. Along with the FM, Union Minister of State for Finance Shri @mppchaudhary, besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting,” Ministry of Finance tweeted. Sitharman said that during the meeting eight of the agenda points of the 48th GST council meeting were discussed and the remaining would be carried on to the next meeting. “In sequential order seven agenda points were attended with an additional one related to data sharing was also taken up,” the finance minister said.

“In this 48th GST Council Meeting, there hasn’t been any tax increase on any item. No new taxation has been brought in. Everything that has been done is to issue clarifications where ambiguity of interpretations prevailed, “Sitharaman said at the conclusion of the meeting.
The 47th meeting of the GST Council was held in late June 2022, in Chandigarh.

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After the recommendations that were taken up in the two-day 47th GST Council meeting in Chandigarh in June, the Goods and Services Tax (GST) was rationalised for numerous items including LED lamps, solar water heaters, among other items.
The rate changes recommended by the GST Council became effective on July 18 this year.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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Delhi: GST Council Chaired By Nirmala Sitaraman Recommends Decriminalising 3 Offences

ANI

The GST Council has recommended decriminalising three different types of offences, including the tampering of material evidence

New Delhi: The GST Council has recommended decriminalising three different types of offences, including the tampering of material evidence.

“A major path-breaking recommendation with regard to decriminalising certain offences,… three kinds of offences, were taken. They pertain to obstructing or preventing any officers in the discharge of his duties, deliberate tampering of material evidence, and failure to supply information,” said Revenue Secretary Sanjay Malhotra at the post-GST Council press conference here on Saturday. The other major decision taken at the meeting was regarding the threshold limit of tax amount for launching prosecution on any criminal offence defined under the GST laws that has been increased from Rs 1 crore to Rs 2 crore, Malhotra told reporters.

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This, however, would not be applicable to those offences such as fake invoicing.
Moreover, GST rates on pulses husk and knives have been reduced from 5 per cent to nil. GST on ethyl alcohol for the purpose of blending of ethanol has been exempted. Earlier, it was taxed at 18 per cent.

“Already we have allowed 5 per cent reduced rate for blending with petrol by oil marketing companies. Now this exemption is being extended to refineries as well. This will promote our efforts on blending and reduce our dependence on imported crude and thereby save precious foreign exchange,” the secretary said.

At the start of the press briefing, Union Finance Minister Nirmala Sitharaman, who is the chairperson of the Council, said as many as 15 items were on agenda during today’s GST Council meeting, of which eight were completed, and the remaining will be carried forward to the next council meet. (ANI)

The 47th meeting was held in June 2022, in Chandigarh.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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