Nirmala Sitharaman gets good news for hostel goers, railway services: Top points of GST council meet
File image of India's Finance Minister Nirmala Sitharaman.
Budget 2024-25: Ahead of presenting the national budget in the parliament, Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with the finance ministers of states and union territories to build consensus on matters of contention. The meeting was followed by the 53rd meeting of the Goods and Services Tax (GST) on Saturday (June 22).
The GST council exempted services by way of hostel accommodation outside educational institutions up to ₹20,000 ($239) per person per month. But the student must have stayed in the hostel for a continuous period of 90 days.
53rd GST council meet: Top points
1. Railway tickets and payments for waiting room and cloak room have been exempted from GST.
2. No GST will be levied on intra-railway services as well as the services provided like battery-operated vehicles.
3. "There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases," the finance minister announced at the briefing after the 53rd GST Council meet.
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4. "In order to help small taxpayers, the Council recommended extending the time limit to furnish the detail and the returns in the form GSTR 4 from 30th April, the council has recommended that it be extended to 30th June. This will apply for returns for the Financial Year 2024- 25 onwards," the minister added.
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5. "Today, the 53rd GST Council Meeting has taken a lot of decisions on trade facilitation, easing compliance burden and giving relief to tax taxpayers in terms of compliance easing out. So this will benefit the traders, MSMEs and taxpayers,"Sitharaman said at a briefing after the 53rd GST Council meeting.
6. "The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021. So for the same requisite amendment retrospectively with effect from 1 July 2017, the council has made a recommendation," said the finance minister.
7. Sitharaman added, "The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority shall be reduced from ₹25 Crores CGST and 25 Crores SGST to ₹20 Crore CGST and ₹20 SGST and that is the maximum amount of pre-deposit for filing appeals before the appellate authority."