Finance Minister Nirmala Sitharaman on Monday chaired the 54th meeting of the Goods and Services Tax (GST) Council, consisting of state finance ministers, the panel discussed various matters ranging from online gaming levies to rate rationalization. Here's everything the panel deliberated.
A status report on online gaming was submitted to the council, with revenue from gambling up 412% to ₹6,909 crore in a period of six months. Two new Group of Ministers (GoMs) have been formed - one on medical and health insurance, and one to decide utilization of compensation cess post March 2025.
New members added to GoM on rate rationalization for the limited purpose of medical insurance, will be required to submit a report in October to be discussed in the November meet of the committee. Negative IGST balance from states to be studied by a Committee of Officers, report to be submitted by October.
"Council discussed Compensation cess. The projected surplus from cess after repayment of loans is at Rs 40,000. GoM will be formed on how to go forward on Compensation cess," FM Nirmala Sitharaman said.
"Funds given for research to universities established by the law of Centre, state governments, and those who have obtained income tax exemption, are exempted from GST," Sitharaman said.
Issue on GST on online transactions under Rs 2,000 referred to Fitment Committee for further discussions, says Uttarakhand Finance Minister Premchand Aggarwal GST on religious travel via helicopter reduced to 5 per cent from 18 per cent GST on namkeens reduced from 18% to 12%
