GST Council meeting on September 9: A look at key proposals and expected changes

 

GST Council meeting on September 9: A look at key proposals and expected changes image

GST Council meeting on September 9: A look at key proposals and expected changes

The GST Council’s meeting promises to address issues that could impact various sectors. Here's a look at key expectations:

Compensation cess continuation | The Council is expected to provide clarity on the continuation of the GST compensation cess. Sources suggest that the cess may extend “well into” 2025-26 (FY26). There will also be discussions on whether to eventually replace this cess with a tax or a new cess.

Review of GST on insurance premiums | One of the major topics is the GST rate on life and health insurance premiums. The fitment panel has reviewed the current 18% GST rate, and the Council will deliberate on possible reductions. This change could provide relief to policyholders.

Relief for foreign airlines | Another key issue is the GST burden on foreign airlines. The Council may consider exempting the import of services by foreign airlines’ head offices when received without consideration. 

Potential GST rate cuts and exemptions | The Council is expected to review several relief measures, such as potential reductions in GST for cancer drugs, possible exemptions for electricity meter services, and adjustments to support the real estate and metal industries. Additionally, property buyers and students may benefit from these proposed changes.

Clarification on GST for payment aggregators | The Council may also clarify the GST applicability on payment aggregators. Currently, transactions below ₹2,000 are exempt from GST. The fitment committee proposes that payment aggregators should pay 18% GST on their income from facilitating these transactions. This proposal is under review and could impact payment aggregators like PineLabs and Razorpay.

Source from: https://www.cnbctv18.com/photos/business/finance/gst-council-meet-september-9-key-proposals-changes-rate-cut-health-life-insurance-premiums-payment-19472689-6.htm

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