GST Council Meet: The 54th GST Council meeting is scheduled to be held on September 9 in New Delhi, informed GST Council through a tweet. the meeting will be held under the chairmanship of Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman.
GST rate on the purchase of life and health insurance can either be reduced or there are even speculations of abolishing it completely. 72% of the GST collected from life and health insurance goes to the accounts of the states while 28% remains with the Centre. Changes in the GST slab and making it rational will also be discussed in the meeting.
In fact, the political heat regarding the 18 percent GST on health insurance had increased a few days ago when the Congress and other opposition parties had accused the Centre of making money from people’s health on the pretext of this. While responding to the discussion on the budget, the Finance Minister had put the state governments in the dock on this issue. GST is not levied on government health schemes.
The Council, among other things, had approved amendment to law to insert a new Section 11A in Central GST Act to give powers to the government to allow regularisation of non-levy or short levy of GST, where tax was being short paid or not paid due to common trade practices.
The GST Council meet also recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the appellate tribunal to start from a date to be notified by the Government in respect of appeal/revision orders passed before the date of said notification. The council has also recommended the sunset date of April 1, 2025 for receipt of any new application regarding anti-profiteering.
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