The 48th Goods and Services Tax (GST) Council meeting clarified several tax related issues in its meeting scheduled this week. The 48th GST Council, chaired by Union Finance Minister Nirmala Sitharaman, was held on December 17, 2022, via video conferencing after a gap of nearly six months.
The Finance Minister informed in the press conference that the meeting had 15 items on its agenda out of which seven items couldn't be taken up.
Here are the key announcements made in the meeting:
Private refiners will also be allowed a concessional 5 percent GST rate similar to oil marketing companies (OMCs) for blending ethanol with petrol to provide a level playing field.
GST Council gave a nod on decriminalising certain laws and also extended the threshold for prosecution to Rs 2 crore.
A major decision regarding to allow ecommerce operators to allow suppliers under composition tax, the rules have was approved by the council.
No claim bonus by insurance companies will not attract GST
GoM report on online gaming, casinos and race courses was recieved just one or two days back hence the decisions on that will be taken in the next meeting.
GoM report on rate rationalisation is still awaited
SUVs with an engine capacity of 1,500 cc and length exceeding 4,000 mm with a ground clearance of 170 mm could be levied a 22 percent compensation cess. This will be on four conditions that the vehicle should be an SUV with the length of 4000mm. The engine capacity should be 1500cc and above and it should have a ground clearance of 170 and above.The 48th GST Council meeting holds significance as it is the last before the Union Budget which will be tabled in Parliament on February 1, 2023.
In the previous 47th GST Council meeting, conducted on June 28 and 29 in Chandigarh, the GST Council had decided to accept the group of ministers’ interim reports on the correction of duty inversion and exemption. Pre-packaged and pre-labelled retail packs, including curd, lassi and butter milk, were also brought under GST. The Goods and Services Tax (GST) Council is headed by the Union finance minister and comprises representatives of all states and Union Territories (UTs).
(This is a developing copy, will be updated with more details)
