Pay current market rate if land compensation delayed: Supreme Court, ET LegalWorld
Supreme Court on Thursday employed its exclusive powers under Article 142 of Constitution to rule that landowners are entitled to current market value of their plots if payment of compensation for their land acquired by a government is delayed for a long time. The order, which will bring relief and adequate recompense to many farmers […]
Rate rationalization on insurance part of agenda for next GST Council meeting: Sources, ET LegalWorld
The proposed rationalisation of GST rates on health and life insurance products will be on the agenda for the upcoming Council meeting on Saturday in Jaisalmer, sources said. Sources said that the Group of Ministers on insurance, chaired by Bihar Minister Samrat Chaudhary, has submitted the report to the GST Council. The Group of Ministers […]
GoM on GST rate rationalisation yet to submit report, GST Council to take final decision: CBIC, ET LegalWorld
The CBIC on Tuesday said the GoM on GST rate rationalisation is yet to submit its recommendations to the GST Council, which is the final decision making body in fixation of tax rates. In a post on X, the Central Board of Indirect Taxes and Customs (CBIC) said the GST Council, chaired by Union Finance […]
Panels on GST rate rationalisation, cutting tax on insurance premium to meet on Saturday, ET LegalWorld
The two ministerial panels set up by the GST Council are slated to meet on October 19 to discuss GST rate rationalisation and lowering 18 per cent tax rate on health and life insurance premiums. This would be the first meeting of the 13-member GoM, under Bihar Deputy Chief Minister Samrat Choudhary, which was set […]
GoM on GST rate rationalisation to meet on September 25 to discuss slab, rate tweaks, ET LegalWorld
New Delhi: The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. “The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa,” an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister […]
GST Council sets up GoM on reduction in GST on health insurance; cuts rate on cancer drugs, ET LegalWorld
GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens. Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have […]
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Sitharaman, ET LegalWorld
Union Finance Minister Nirmala Sitharaman on Thursday said that the goods and services tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers. The current average GST rate has decreased to 12.2 per cent as of 2023, much below the revenue neutral […]
Review going on, a rate reset may come by September end, ET LegalWorld
The keenly-watched plan to rework the GST rates may have been pushed a bit down the road, but a lot has been going on in the background, ToI reported on August 27. The Group of Ministers (GoM) tasked with resetting rates is conducting a thorough review of various categories, including items in the 12% and […]
GST Council meet to discuss rate rationalisation on Sep 9, final decision later: FM, ET LegalWorld
Finance Minister Nirmala Sitharaman on Tuesday said the GST council next month will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later. She also said that compensation cess on luxury and sin goods are also going to be discussed and can come up in the September […]
Three-tier GST rate up for debate; maintaining revenue-neutrality a challenge, say experts, ET LegalWorld
GST Council meet to discuss rate rationalisation on Sep 9, says FM The 54th GST Council is scheduled to meet on September 9, 2024. The council is expected to carry-forward policies aligning with the taxpayer friendly measures while reforming the tax structure with norms in alignment with the idea of ‘a good and simple tax’. […]