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GST Council Meet In September Rate Rationalisation GST On Insurance Premium GST Notices
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The upcoming quarterly GST Council meeting is likely to take place in the first half of September. The body, which comprises several ministers from states, will be chaired by Finance Minister Nirmala Sitharaman. The GST Council will give its recommendations for implementation by the centre, states, and union territories. • Even though the agenda of the meeting is yet to be finalized, GST on insurance premiums will be discussed. The topic of levying an 18% GST on health and insurance premiums recently became a significant political issue. • In this regard, Union Minister Nitin Gadkari had written a letter, urging the finance minister to remove the 18% GST on life and medical insurance premiums. He argued that it leads to taxing the uncertainties of life and restricts the sector’s growth. Soon after, opposition parties protested in the parliament. • During that time, Finance Minister Sitharaman had said that the right forum to decide on GST is the GST Council and not the Parliament. She also added that even before GST was implemented, a tax was levied on health and life insurance premiums. Therefore, there is a high probability of a discussion on this matter. • Another key agenda that could be discussed is rate rationalisation. A ministerial group led by Bihar Deputy Chief Minister Samrat Chaudhary is responsible for providing recommendations on rate rationalisation. It's the task of this panel to simplify the rate structure and enhance revenues collected from the GST tax. • The meeting is also likely to focus on several other critical issues, such as GST notices issued to corporates. Recently, a show-cause notice for a GST payment of 32,000 crore rupees was sent to Infosys. Additionally, notices worth around 10,000 crore rupees were sent to 10 foreign airlines. • The probable dates of the GST meeting are the 8th or 9th of September. The Council is currently in the process of securing approval from the states to finalize these dates. However, the GST Council will convene only after a meeting of the Fitment Committee and the Law Committee. The representatives present during these meetings will prepare the groundwork for various proposals, which will then be presented before the GST Council. • .............................................................................................. • News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. • It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. • ► News9 Plus Website : https://www.news9plus.com/all • ► News9 Plus App : https://onelink.to/8pwfkc • ► News9 OTT Coupons : https://bit.ly/4dwLDx4 • ► Watch us on YouTube : / news9live • ► Like us on Facebook : / news9live • ► Follow us on Instagram : / news9live • ► Follow us on Twitter : / news9tweets
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