This meeting of the GST Council was considered special because in this the government would give a discount in GST rates on the premium of term life insurance, health insurance and health insurance of senior citizens, but this issue has been postponed for the time being in this meeting of the GST Council.

There was no consensus among the group of ministers

The GST Council on Saturday deferred the decision to reduce the tax rate on the premium of life and health insurance policies. Officials gave this information. In the 55th meeting of the GST Council, it was decided that some more technical aspects need to be resolved in this regard. The work was assigned to the GoM for further discussions in this regard.

This decision was taken by the council chaired by Union Finance Minister Nirmala Sitharaman and attended by her counterparts from the states. Bihar Deputy Chief Minister Samrat Choudhary said that another meeting of the GoM on insurance will be held to decide on taxation on group, individual, senior citizen policies.

This will be discussed again in January

Chaudhary told reporters, “Some members said that more discussion is needed. We (GoM) will meet again in January.” The Council has constituted a Group of Ministers (GoM) on Insurance under the chairmanship of Chaudhary, which in its meeting in November agreed to exempt the insurance premium of term life insurance policies from GST.

Also, it has been proposed to exempt the premium paid by senior citizens for health insurance cover from tax. It is also proposed to exempt from GST the premium paid for health insurance up to Rs 5 lakh for persons other than senior citizens. However, 18 percent GST will continue on the premium paid for policies with health insurance cover of more than Rs 5 lakh.

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A big decision has been taken in the GST Council meeting regarding debit and credit card transactions. According to information received by CNBC Awaaz from sources, now 18% GST will be levied on credit card and debit card transactions below Rs 2000. Payment gateways will not get any exemption in this.

After this decision, 18% GST will be levied on the merchant fee of the transaction. The GST Fitment Committee is of the opinion that 18% GST should be levied on this income from payment aggregators. The committee believes that this type of GST is unlikely to affect customers.

GST will be collected from payment gateways and aggregators

Actually this GST will be collected from the payment aggregator. Payment aggregator is a third party platform and helps a merchant to accept payment amount. Razorpay, Paytm and Google Pay are examples of payment aggregate.

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Actually, payment aggregators charge some money from merchants for providing their services. This is 0.5-2 percent of every transaction. However, most aggregators keep it at 1 percent. The government charges service tax on this 0.5-2 percent amount. Therefore, it will not have a direct impact on common people. But it will create problems for small shopkeepers.

GST Council meeting held in Delhi

The GST Council meeting was held today under the chairmanship of Finance Minister Nirmala Sitharaman. The meeting focused on GST rates on insurance policies and important decisions were taken in the interest of customers.

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GST on Health Insurance: A big meeting of the Goods and Services Tax (GST) Council is going to be held on Monday, September 9, 2024. It is believed that in this meeting a decision can be taken regarding GST on health insurance. If sources are to be believed, the Fitment Committee is not in favor of giving complete GST exemption on premium. However, some suggestions have been given to the Council by the Committee and the final decision has been left to the Council.

Let us tell you that the Fitment Committee includes revenue officers of both the Central and State Governments. At present, the committee has given some options to the Council and left the decision to it. Along with this, it has also been told that what kind of impact can be seen on the revenue on choosing those options. If sources are to be believed, tax cuts are being considered in any one of the four ways on health insurance. The fitment committee believes that the cuts should be made only when the life insurance company gives benefits to the insured. It is being told that the council can consider giving rate cuts in life insurance only for term and re-insurance.

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Nitin Gadkari has also made this demand

Let us tell you that Union Road and Transport Minister Nitin Gadkari has urged the government to withdraw GST on insurance. West Bengal CM Mamata Banerjee has also reiterated this demand and demanded relief to the common man. Let us tell you that GST is an indirect tax. GST, implemented on 1 July 2017 during the first term of the Modi government, has brought about a major change in the country’s tax system. Since its introduction, a single tax is imposed in place of different taxes across the country.

Before the implementation of GST, 15% tax was levied on term or life insurance and medical insurance. But after the implementation of GST, it increased by 3% and GST started being levied on these insurances at the rate of 18%. The increase in tax by 3% had a direct impact on the premium of insurance policies and its prices increased. However, arguments are given in favour of GST by talking about the facility of tax exemption in this regard.

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The Finance Minister has given a big relief to the railway passengers. After the meeting, the Finance Minister had said that the sale of railway platform tickets and services like retiring rooms, waiting rooms, cloakroom facilities and battery-operated cars are now exempted from GST.

Currently, the price of a platform ticket is Rs 10. Due to being out of the GST ambit, the price of platform tickets will decrease. Currently, 5% GST is levied on platform tickets. Now its price may decrease by Rs 1. However, the Railways has not yet made any official announcement regarding the price of platform tickets. It can be expected that after getting exemption from GST, the price of platform tickets will decrease.

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You can stay at the station for 2 hours by buying a platform ticket

Let us tell you that no person can stay on the platform for the whole day by buying a platform ticket of Rs 10. The platform ticket is valid only for 2 hours after purchase. This means that once you buy the ticket, you can use it only for 2 hours to go to and from the platform.

If you do not have a platform ticket, you will be fined Rs 250.

It is worth noting that if a passenger forgets to buy a platform ticket, then the railway ticket checking staff can charge a fine of at least Rs 250. Not only this, if a passenger is caught on the platform without a platform ticket or a journey ticket, then double the fare of the previous train that left from that platform or the train that arrived on that platform can be charged as a financial penalty.

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GST Council’s 50th meeting: The Central Government can take a big decision on GST today. The 50th meeting of the GST Council (GST Meeting) has started on Tuesday. Taxation on online gaming, definition of utility vehicles besides tightening rules for registration and input tax credit (ITC) claims are likely to come up for discussion. At the beginning of the meeting being held in the national capital, Finance Minister Nirmala Sitharaman released a short film titled ‘GST Council – 50 steps towards the journey’.

Finance Minister tweeted

The Finance Minister’s Office has tweeted that in the 49 meetings held so far, the council has taken around 1,500 decisions in the spirit of cooperative federalism. It has been said in the tweet that the 50th meeting is a milestone, which indicates the success of cooperative federalism and the establishment of a good and simple tax system.

On the occasion of the 50th meeting of the GST Council, Union Finance Minister Smt. @nsitharaman releases a Special Cover and customised myStamp.

The Special Cover and customised myStamp was presented to the Union FM Smt. @nsitharaman by the Chief Post Master General, Delhi… pic.twitter.com/feTDX5AM6h

— Ministry of Finance (@FinMinIndia) July 11, 2023

Who’s who in the meeting

The GST Council, headed by the Union Finance Minister, also includes the Finance Ministers of the States and Union Territories. In this meeting, things can be cleared by the council regarding GST rates on food items sold in multiplexes.

Can get discount on canceled treatment

Apart from this, GST exemption can be announced on the import of ‘Dinutuximab’, a drug used in the treatment of cancer. The modalities for the constitution of the Appellate Tribunal can also be finalized in the meeting.

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Many decisions have been taken in the 48th meeting of the GST Council. Revenue Secretary Sanjay Malhotra gave information about the decisions taken after the end of the 48th meeting of the GST Council. He told that in these, the GST Council has agreed to keep some of the irregularities being done in compliance out of the category of crime. Along with this, it has been decided to double the limit for initiating prosecution to Rs 2 crore.

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.

– Smt @nsitharaman. pic.twitter.com/rb3RGzaotL

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

No decision was taken on these, while no decision could be taken on making a system to prevent tax evasion in Pan Masala and Gutkha business. After the meeting, Sanjay Malhotra said that the GST on online gaming and casinos was not discussed in this meeting, because the Group of Ministers (GoM) headed by Meghalaya Chief Minister Conrad Sangma had discussed this issue a few days ago. submitted its report. Due to paucity of time, the report could not be given to the members of the GST Council.

Tax rate on husk of pulses, including chilka and concentrates, has been reduced from 5% to nil.

– Revenue Secretary Shri Sanjay Malhotra while elaborating on outcomes of 48th GST Council Meeting. pic.twitter.com/PR5tUmTfxN

— NSitharamanOffice (@nsitharamanoffc) December 17, 2022

With this, Revenue Secretary Sanjay Malhotra informed that the council has increased the limit for initiating prosecution for irregularities in compliance with the GST law and agreed to increase it from Rs 1 crore to Rs 2 crore. Is. At the same time, it was decided to abolish GST on the peel of pulses. Till now 5% GST was levied on the peel of pulses.

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