The GST Council on Wednesday (September 3) approved a new 40% tax slab for luxury and sin goods, introducing a major shift in India’s indirect tax framework. While the rollout date for this highest slab will be notified later, the simplified two-rate system of 5% and 18% will be enforced starting September 22. The 40% slab is meant to eventually replace the current cess mechanism and will apply to products such as paan masala, cigarettes, gutka, chewing tobacco, zarda, unmanufactured tobacco, and bidis. It will also cover premium items like large cars and high-end consumer goods.<h2>Watch the video here</h2>

<blockquote class="twitter-tweet" data-media-max-width="560"><a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Delhi: After the 56th GST Council meeting, Union Finance Minister Nirmala Sitharaman says, &quot;There is a special rate which is 40%. Almost all goods are between 18% and 5%. There is one special rate which is only for sin and super luxury goods. That special rate of 40% has… <a href="https://t.co/nFZZMhbfVi">pic.twitter.com/nFZZMhbfVi</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1963286413241094530?ref_src=twsrc%5Etfw">September 3, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Finance Minister Nirmala Sitharaman, while announcing sweeping rate cuts, said the new structure is aimed at reducing the tax load on ordinary households. “The 40% rate is confined to tobacco-based products and certain high-sugar and carbonated beverages, including caffeinated and fruit-based fizzy drinks. Everything else will fit into the two main slabs of 5% and 18%,” she explained.&nbsp;She clarified that the existing 28% slab along with the compensation cess will remain until repayment of pending GST loans, after which those categories will be subsumed into the new 40% band. With this rationalisation, the GST system now rests on three broad slabs—5%, 18%, and 40%, effectively scrapping the earlier 12% and 28% categories. Essential items such as food and textiles will be taxed at a uniform 5%, while consumer durables including refrigerators, large-screen televisions, and air-conditioners will be brought under the 18% bracket, reducing their overall tax burden.&nbsp;Meanwhile, the Union Finance Minister Nirmala Sitharaman also lashed out at the Opposition. She said, “Congress could not implement it during its tenure. It was implemented under PM Modi's leadership and reforms are also being done. Congress should make up its mind whether to support him or not. People will not be misled by you today. People will give you an answer.”

GST 2.0: Finance minister Nirmala Sitharaman announces new slab of 40% for sin, luxury goods

The GST Council on Wednesday (September 3) approved a new 40% tax slab for luxury and sin goods, introducing a major shift in India’s indirect tax framework. While the rollout date for this highest slab will be notified later, the simplified two-rate system of 5% and 18% will be enforced starting September 22. The 40% slab is meant to eventually replace the current cess mechanism and will apply to products such as paan masala, cigarettes, gutka, chewing tobacco, zarda, unmanufactured tobacco, and bidis. It will also cover premium items like large cars and high-end consumer goods. Watch the video here

Union Finance Minister Nirmala Sitharaman on Wednesday (September 3) also announced that the new two-tier tax structure will come into effect from September 22

In a landmark decision aimed at easing household expenses, the GST Council on Wednesday (September 3) scrapped the Goods and Services Tax (GST) on individual health and life insurance policies. The move, effective from September 22, eliminates the 18 per cent levy that was previously applied, delivering a significant relief to families and the healthcare sector. The announcement came during the 56th GST Council meeting, which also saw the removal of the 12 per cent and 28 per cent tax slabs. In their place, a streamlined structure was introduced, including a 40 per cent bracket reserved for sin and luxury goods.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/gst-reforms-approved-what-gets-cheaper-and-costlier-from-september-22-1756918983245">GST Reforms approved: What gets cheaper and costlier from September 22?</a>&nbsp;Union Finance Minister Nirmala Sitharaman said the reforms were designed to lighten the financial load on ordinary citizens. “These changes have been undertaken with the common man in mind. Daily essentials, key industries, and critical sectors like health, agriculture, and education have all been given relief,” she said while addressing the media.<h2>What are the other GST reductions?</h2>The restructuring will have far-reaching effects across multiple sectors. Everyday household items such as hair oil, shampoo, soap, toothpaste, toothbrushes, shaving cream, ghee, butter, cheese, dairy spreads, packaged snacks, and utensils will now fall under the 5 per cent tax bracket, down from 12–18 per cent. Baby products including feeding bottles, napkins, and clinical diapers have also been cut to 5 per cent, as have sewing machine parts.&nbsp;In healthcare, alongside insurance, GST has been fully waived on medical oxygen, thermometers, and diagnostic kits, while corrective spectacles are now taxed at just 5 per cent. Education supplies such as maps, charts, globes, pencils, crayons, notebooks, and erasers are also fully exempt.&nbsp;Farmers will benefit from lower GST on tractors, tyres, drip irrigation systems, bio-pesticides, micronutrients, and other agricultural machinery, which now fall in the 5–12 per cent range instead of up to 18 per cent. The automobile sector has also received a boost, with small cars, motorcycles above 350cc, three-wheelers, and transport vehicles moving to the 18 per cent slab from the previous 28 per cent. Electronics such as air conditioners, large-screen televisions, projectors, monitors, and dishwashers have also been brought down to 18 per cent.&nbsp;The government expects the rationalisation to ease family budgets, boost labour-intensive industries, support agriculture, and provide fresh momentum to the broader economy.

Health and life insurance exempted from GST as council approves major tax overhaul

In a landmark decision aimed at easing household expenses, the GST Council on Wednesday (September 3) scrapped the Goods and Services Tax (GST) on individual health and life insurance policies. The move, effective from September 22, eliminates the 18 per cent levy that was previously applied, delivering a significant relief to families and the healthcare sector. The announcement came during the 56th GST Council meeting, which also saw the removal of the 12 per cent and 28 per cent tax slabs. In their place, a streamlined structure was introduced, including a 40 per cent bracket reserved for sin and luxury goods. Also Read: GST Reforms approved: What gets cheaper and costlier from September 22? Union Finance Minister Nirmala Sitharaman said the reforms were designed to lighten the financial load on ordinary citizens. “These changes have been undertaken with the common man in mind. Daily essentials, key industries, and critical sectors like health, agriculture, and education have all been given relief,” she said while addressing the media. What are the other GST reductions? The restructuring will have far-reaching effects across multiple sectors. Everyday household items such as hair oil, shampoo, soap, toothpaste, toothbrushes, shaving cream, ghee, butter, cheese, dairy spreads, packaged snacks, and utensils will now fall under the 5 per cent tax bracket, down from 12–18 per cent. Baby products including feeding bottles, napkins, and clinical diapers have also been cut to 5 per cent, as have sewing machine parts. In healthcare, alongside insurance, GST has been fully waived on medical oxygen, thermometers, and diagnostic kits, while corrective spectacles are now taxed at just 5 per cent. Education supplies such as maps, charts, globes, pencils, crayons, notebooks, and erasers are also fully exempt. Farmers will benefit from lower GST on tractors, tyres, drip irrigation systems, bio-pesticides, micronutrients, and other agricultural machinery, which now fall in the 5–12 per cent range instead of up to 18 per cent. The automobile sector has also received a boost, with small cars, motorcycles above 350cc, three-wheelers, and transport vehicles moving to the 18 per cent slab from the previous 28 per cent. Electronics such as air conditioners, large-screen televisions, projectors, monitors, and dishwashers have also been brought down to 18 per cent. The government expects the rationalisation to ease family budgets, boost labour-intensive industries, support agriculture, and provide fresh momentum to the broader economy.

GST Council scraps tax on health and life insurance, cuts slabs to 5% and 18%, easing costs for households, healthcare, agriculture, autos and education

Weeks after the Centre proposed Goods and Services Tax reforms, the GST Council is set to meet in the national capital on Wednesday. The government has proposed that the 28 per cent and 12 per cent GST slabs be abolished and most of the items in these categories be moved to the 5 per cent and 18 per cent slabs, reducing the GST burden on consumers.<h2>What's on the agenda of the GST Council?</h2>The GST Council, the highest decision-making body in matters about GST, will meet for two days and is likely to discuss&nbsp;the rate rationalisation issues.&nbsp;The states are likely to discuss with the Centre the issue of loss of revenue due to the government's GST rationalisation plan.&nbsp;The Group of Ministers has approved the government's plan to lower GST on a majority of items to 28 per cent and 12 per cent slabs.&nbsp;The Centre's proposal entails moving all items, excluding sin goods, to the 18 per cent slab. These sin goods will be taxed at 40 per cent.&nbsp;&nbsp;Around 175 items can see a reduction in GST rates, including electronics, ACs, refrigerators and cars.&nbsp;The Council is also likely to discuss a short-term compensation mechanism for states, which will lose revenue due to rate cuts, reported Money Control.&nbsp;The Centre has proposed that 99 per cent of the items in the 12 per cent slab are proposed to be moved to the 5 per cent slab.&nbsp;Prime Minister Narendra Modi announced during his Independence Day Speech that people were going to get a very big gift on Diwali.&nbsp;On Tuesday, Union Finance Minister Nirmala Sitharaman said that the upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes. She also said these reforms will be discussed at the meeting.&nbsp;“The Prime Minister has recently announced the creation of a task force for next-generation reforms with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs, and entrepreneurs. Complementing this is the planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after,” Sitharaman said.

Weeks after the Centre proposed Goods and Services Tax reforms, the GST Council is set to meet in the national capital on Wednesday. 

Weeks after the Centre proposed Goods and Services Tax reforms, the GST Council is set to meet in the national capital on Wednesday. The government has proposed that the 28 per cent and 12 per cent GST slabs be abolished and most of the items in these categories be moved to the 5 per cent and 18 per cent slabs, reducing the GST burden on consumers. What's on the agenda of the GST Council? The GST Council, the highest decision-making body in matters about GST, will meet for two days and is likely to discuss the rate rationalisation issues. The states are likely to discuss with the Centre the issue of loss of revenue due to the government's GST rationalisation plan. The Group of Ministers has approved the government's plan to lower GST on a majority of items to 28 per cent and 12 per cent slabs. The Centre's proposal entails moving all items, excluding sin goods, to the 18 per cent slab. These sin goods will be taxed at 40 per cent. Around 175 items can see a reduction in GST rates, including electronics, ACs, refrigerators and cars. The Council is also likely to discuss a short-term compensation mechanism for states, which will lose revenue due to rate cuts, reported Money Control. The Centre has proposed that 99 per cent of the items in the 12 per cent slab are proposed to be moved to the 5 per cent slab. Prime Minister Narendra Modi announced during his Independence Day Speech that people were going to get a very big gift on Diwali. On Tuesday, Union Finance Minister Nirmala Sitharaman said that the upcoming next-generation Goods and Services Tax (GST) reforms will further simplify tax processes. She also said these reforms will be discussed at the meeting. “The Prime Minister has recently announced the creation of a task force for next-generation reforms with a clear mandate to simplify regulations, lower compliance costs, and build a more enabling ecosystem for startups, MSMEs, and entrepreneurs. Complementing this is the planned rollout of the next generation of GST reforms with a council meeting tomorrow and the day after,” Sitharaman said.

GST Council meeting begins today: The GST Council, the highest decision-making body in matters about GST, will meet for two days. Here's what is on the agenda.&nbsp;

GST Council Meeting to commence today; what's on the agenda?

New Delhi
The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.
Key points
What's cheaper now?
- fortified rice kernels
- gene therapy
- food preparations for free distribution
- systems for long range surface-to-air missile assembly
- inspection equipment for atomic energy
- pepper &amp; raisins supplied by agriculturists

what's expensive now?
- old &amp; used vehicle (including EVs)
- ready-to-eat popcorn
- autoclaved aerated concrete blocks
- sponsorship services by corporates
- penalty-only appeals

Popcorns
For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.
Health Insurance
While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.
Automotives &amp; EVs
The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.
Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.
Adjustments on luxury &amp; essential goods
The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.
Aviation Fuel
According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".
Construction and agricultural goods
ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.
Also read: <a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman.



New Delhi The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

55th GST council meeting: key discussion points

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

Key points

What's cheaper now?

- fortified rice kernels

- gene therapy

- food preparations for free distribution

- systems for long range surface-to-air missile assembly

- inspection equipment for atomic energy

- pepper &amp; raisins supplied by agriculturists

&nbsp;

what's expensive now?

- old &amp; used vehicle (including EVs)

- ready-to-eat popcorn

- autoclaved aerated concrete blocks

- sponsorship services by corporates

- penalty-only appeals

&nbsp;

Popcorns

For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn&nbsp;(mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect&nbsp;Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent.

Health Insurance

While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same.

Automotives &amp; EVs

The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller&nbsp;modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules.

Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent.

Adjustments on luxury &amp; essential goods

The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore&nbsp;annually. Meanwhile,&nbsp;the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses.

Aviation Fuel

According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today".

Construction and agricultural&nbsp;goods

ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-planning-to-become-a-sip-expert-here-are-some-golden-rules-to-reap-profits-785260">Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits</a>

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made.

The 55th Goods and Services Tax (GST) council meeting has sparked a major discussion around changes proposed by Finance Minister Nirmala Sitharaman. Let's take a closer look at the announcements made. Key points What's cheaper now? - fortified rice kernels - gene therapy - food preparations for free distribution - systems for long range surface-to-air missile assembly - inspection equipment for atomic energy - pepper & raisins supplied by agriculturists what's expensive now? - old & used vehicle (including EVs) - ready-to-eat popcorn - autoclaved aerated concrete blocks - sponsorship services by corporates - penalty-only appeals Popcorns For people who like to eat caramel popcorn, the meeting came with a relatively bitter plan. The caramelised popcorn (mixed with sugar) will now attract an 18 per cent GST. Meanwhile, pre-packed and ready-to-eat popcorn will attract a 12 per cent GST. The council has notified that the Central Board of Indirect Taxes and Customs (CBIC) will provide further clarity on the current taxation rules for Popcorn. Under the current system, ready-to-eat popcorn will attract a 5 per cent GST if not pre-packaged or labelled. When mixed with sugar to make caramel popcorn, the rate jumps to 18 per cent. Health Insurance While no final statement has been made, a Group of Ministers (GOM) set up by the council suggested exempting insurance premiums paid for term life insurance policies from GST. Health insurance premiums paid by senior citizens could be exempted or face a reduced rate. The Finance Minister announced more contemplation over the same. Automotives & EVs The government has announced a focus on promoting Electric Vehicles by imposing a 5 per cent tax on new EVs. The 18 per cent tax will be levied when a company purchases a used EV or when a seller modifies a used EV but no indirect tax. This 18 per cent GST will also apply to the margin value between the purchase price and the selling price of a used car. This marks a 6 per cent increase from previous rules. Meanwhile, the council also decided to increase the GST rate on small petrol and diesel cars from 12 per cent to 18 per cent. Adjustments on luxury & essential goods The council has decided to increase GST rates on luxury items such as high-end wristwatches and shoes. The change is projected to generate an additional Rs 22,000 crore annually. Meanwhile, the council has lowered GST rates on essential goods, including bicycles and large packs of packaged drinking water. This move aims to reduce household expenses. Aviation Fuel According to Sitharaman, state governments rejected the proposal to include aviation turbine fuel within GST framework. She said, "States did not feel comfortable. They didn't want the ATF because they say it as part of the crude petroleum diesel basket, and therefore they said that it alone cannot be taken out, and therefore that continues to remain where it is today". Construction and agricultural goods ACC blocks containing 50 per cent fly ash will attract a GST rate of 12 per cent. Additionally, black pepper and raisins are exempt from GST. Also read: Money-Wise: Planning to become a SIP expert? Here are some golden rules to reap profits

The 54th&nbsp;Goods and Services Tax&nbsp;Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key&nbsp;agenda items included reducing Goods and Services Tax&nbsp;(GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore. 
 
This meeting was chaired by the Finance Minister of India. State finance ministers and senior officials were also in attendance as detailed in a report by The Economic Times. Further, the meeting concluded at the Sushma Swaraj Bhawan, New Delhi.

Several important decisions were taken up by the panel for consideration including the slashing of GST on health insurance premiums, and a proposal to tax online payments above Rs 2,000 among other issues. The primary goal of the meeting was to ensure that collection efficiency could be improved and the process could be further streamlined for citizens.

Below are some important takeaways

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Formation of a new Group of Ministers (GoM) on medical insurance premium

The FM announced that the council has decided to form new Group of Ministers (GoM) on GST rate reduction on medical health insurance set up. It will be headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose. It will submit its report by October-end. "The GST council which will meet in November will finalize based on this report which will come from the GoM," Sitharaman said.

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GST on Online Gaming and Casinos

Nirmala Sitharaman, Finance Minister of India stated that following the announcement of GST on online gaming, there has been a 412 per cent jump in revenue, as per a status report submitted to the respective fitment committee.

GST on Cancer drugs has been reduced

Finance Minister Nirmala Sitharaman stated that the reduction in GST on cancer drugs from 12 per cent to 5 per cent is aimed at further reducing the overall cost of cancer treatment. This step is crucial as it is aimed to help citizens.

Group of Ministers on Cess

During the meeting, it was stated that primarily the total cess collection projected until March 2026 stands at Rs 8.66 lakh crore. Further, after settling the loan payments, a projected surplus of around Rs 40,000 crore is expected.

Select snacks are set to get cheaper

The GST council has decided to slash tax on selected snacks from 18 per cent to 12 per cent. This has been done to benefit the common citizens.

Govt Universities and research centers are exempted from paying GST

Universities and research centers established by central or state government laws, or those granted income tax exemptions, will now be exempt from paying Goods and Services Tax (GST) on research funding. The government also clarified that these institutions can receive research funds from both public and private sources without being liable for GST. This is a very important step that is aimed at boosting the research capabilities of the country.

FM confirmed that the position on compensation cess was thoroughly discussed in the meeting. She said that a Group of Ministers (GoM) will be formed to decide on the purpose of the cess and the way forward after March 2026, if the cess has to be collected after the said period as it cannot be called compensation cess. More deliberations will be done to find solutions to this particular issue.

On Integrated Goods and Services tax

In the meeting, key issues related to the Integrated Goods and Services Tax (IGST) balance were also discussed. The GST panel decided to set up a committee headed by the Additional Secretary of Revenue, who will address the negative IGST balance, focusing on retrieving excess IGST disbursed to states.

On rate rationalisation and renting of property

The Group of Ministers (GoM) presented their status report on rate rationalisation during the GST Council Meeting. FM Sitharaman stated that the GoM will convene on September 23 to discuss the same. Further, the GST panel has also decided to bring renting of commercial property by unregistered person to a registered person under Reverse Charge Mechanism (RCM), in order to prevent revenue leakage.

Expert views on the 54th GST council meeting

Shivam Mehta, Executive Partner, Lakshmikumaran and Sridharan, shared his insights on the 54th GST council meeting.

He stated, "The 54th GST council has maintained the pattern of addressing the recent issues and in turn attending to the representations of the industry. The recent exemptions proposed in the context of Government and Private grants received for research and development services seems to tackle the issue of taxability of grants received by research institutions. On the top of that, the decision to regularise the past demands will probably bring an end to the notices issued lately to institutions such as IIT-Delhi."

He further elaborated that, "The exemption given to foreign airlines with respect to import of services, without consideration from a related person or an establishment is a welcome move which will settle the ongoing disputes faced by foreign airlines. The exemption seems to have been carved out, specifically for the airlines industry, keeping in mind the status that airline industry enjoys in other countries. It is a customary practice to reimburse the expenses to the branches or related parties outside India and is not limited to the airline industry. Thus, the clarity on taxability in this domain is still awaited."

"While the insurance sector and countrymen (policy holders) at large, was eagerly waiting for some rate reduction in this council meeting, their hopes are not entirely lost since a Group of Ministers (GOM) has been constituted to look into the rate change. The cutoff date of October end shows the intent of the Government to cater to the demand of GST rate reduction/ exemption for health and life insurance premiums. The Government has also attempted to resolve the persistent request of the industry to provide for the mechanism to deal with ITC mismatch. It is a sound decision in light of the taxpayer’s struggling day and night with the ITC mismatch notices."

"Though the rate rationalization decision seems to have taken back seat as of now, the council has recommended various rate changes including rates on extruded or expanded products (namkeen), transportation of passengers by helicopters and other exemptions pertaining to services, ancillary to electricity distribution etc., which are clearly aimed at benefiting the end consumers."

Other crucial decisions

The GST panel decided to introduce Business-to-Customer (B2C) GST invoicing. This system for GST invoice management will take effect from October 1. It was also announced to surge GST on car seats from 18 per cent to 28 per cent in the meeting. Further, the panel also clarified that Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways would be classified under HSN 8415 attracting a GST rate of 28 per cent. Further,&nbsp;helicopter services for religious purposes like Kedarnath, and Badrinath have been reduced to 5 per cent&nbsp;from 18 per cent, more clarity and details of this decision are awaited.

 
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The 54th Goods and Services Tax Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key agenda items included reducing Goods and Services Tax (GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore.

The 54th Goods and Services Tax Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key agenda items included reducing Goods and Services Tax (GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore. This meeting was chaired by the Finance Minister of India. State finance ministers and senior officials were also in attendance as detailed in a report by The Economic Times. Further, the meeting concluded at the Sushma Swaraj Bhawan, New Delhi. Several important decisions were taken up by the panel for consideration including the slashing of GST on health insurance premiums, and a proposal to tax online payments above Rs 2,000 among other issues. The primary goal of the meeting was to ensure that collection efficiency could be improved and the process could be further streamlined for citizens. Below are some important takeaways Formation of a new Group of Ministers (GoM) on medical insurance premium The FM announced that the council has decided to form new Group of Ministers (GoM) on GST rate reduction on medical health insurance set up. It will be headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose. It will submit its report by October-end. "The GST council which will meet in November will finalize based on this report which will come from the GoM," Sitharaman said. GST on Online Gaming and Casinos Nirmala Sitharaman, Finance Minister of India stated that following the announcement of GST on online gaming, there has been a 412 per cent jump in revenue, as per a status report submitted to the respective fitment committee. GST on Cancer drugs has been reduced Finance Minister Nirmala Sitharaman stated that the reduction in GST on cancer drugs from 12 per cent to 5 per cent is aimed at further reducing the overall cost of cancer treatment. This step is crucial as it is aimed to help citizens. Group of Ministers on Cess During the meeting, it was stated that primarily the total cess collection projected until March 2026 stands at Rs 8.66 lakh crore. Further, after settling the loan payments, a projected surplus of around Rs 40,000 crore is expected. Select snacks are set to get cheaper The GST council has decided to slash tax on selected snacks from 18 per cent to 12 per cent. This has been done to benefit the common citizens. Govt Universities and research centers are exempted from paying GST Universities and research centers established by central or state government laws, or those granted income tax exemptions, will now be exempt from paying Goods and Services Tax (GST) on research funding. The government also clarified that these institutions can receive research funds from both public and private sources without being liable for GST. This is a very important step that is aimed at boosting the research capabilities of the country. FM confirmed that the position on compensation cess was thoroughly discussed in the meeting. She said that a Group of Ministers (GoM) will be formed to decide on the purpose of the cess and the way forward after March 2026, if the cess has to be collected after the said period as it cannot be called compensation cess. More deliberations will be done to find solutions to this particular issue. On Integrated Goods and Services tax In the meeting, key issues related to the Integrated Goods and Services Tax (IGST) balance were also discussed. The GST panel decided to set up a committee headed by the Additional Secretary of Revenue, who will address the negative IGST balance, focusing on retrieving excess IGST disbursed to states. On rate rationalisation and renting of property The Group of Ministers (GoM) presented their status report on rate rationalisation during the GST Council Meeting. FM Sitharaman stated that the GoM will convene on September 23 to discuss the same. Further, the GST panel has also decided to bring renting of commercial property by unregistered person to a registered person under Reverse Charge Mechanism (RCM), in order to prevent revenue leakage. Expert views on the 54th GST council meeting Shivam Mehta, Executive Partner, Lakshmikumaran and Sridharan, shared his insights on the 54th GST council meeting. He stated, "The 54th GST council has maintained the pattern of addressing the recent issues and in turn attending to the representations of the industry. The recent exemptions proposed in the context of Government and Private grants received for research and development services seems to tackle the issue of taxability of grants received by research institutions. On the top of that, the decision to regularise the past demands will probably bring an end to the notices issued lately to institutions such as IIT-Delhi." He further elaborated that, "The exemption given to foreign airlines with respect to import of services, without consideration from a related person or an establishment is a welcome move which will settle the ongoing disputes faced by foreign airlines. The exemption seems to have been carved out, specifically for the airlines industry, keeping in mind the status that airline industry enjoys in other countries. It is a customary practice to reimburse the expenses to the branches or related parties outside India and is not limited to the airline industry. Thus, the clarity on taxability in this domain is still awaited." "While the insurance sector and countrymen (policy holders) at large, was eagerly waiting for some rate reduction in this council meeting, their hopes are not entirely lost since a Group of Ministers (GOM) has been constituted to look into the rate change. The cutoff date of October end shows the intent of the Government to cater to the demand of GST rate reduction/ exemption for health and life insurance premiums. The Government has also attempted to resolve the persistent request of the industry to provide for the mechanism to deal with ITC mismatch. It is a sound decision in light of the taxpayer’s struggling day and night with the ITC mismatch notices." "Though the rate rationalization decision seems to have taken back seat as of now, the council has recommended various rate changes including rates on extruded or expanded products (namkeen), transportation of passengers by helicopters and other exemptions pertaining to services, ancillary to electricity distribution etc., which are clearly aimed at benefiting the end consumers." Other crucial decisions The GST panel decided to introduce Business-to-Customer (B2C) GST invoicing. This system for GST invoice management will take effect from October 1. It was also announced to surge GST on car seats from 18 per cent to 28 per cent in the meeting. Further, the panel also clarified that Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways would be classified under HSN 8415 attracting a GST rate of 28 per cent. Further, helicopter services for religious purposes like Kedarnath, and Badrinath have been reduced to 5 per cent from 18 per cent, more clarity and details of this decision are awaited.

GST council meeting key takeaways: Council reduces rate on cancer drugs to 5% from 12% and more

The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent.

The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments in their respective assemblies to pave way for introduction of changes in law by October 1.

"The valuation may be done based on the amount paid or payable or deposited with the supplier by or on behalf of the player, excluding the amount entered into games bets out of winnings of previous games and bets and not on the total value of each bets placed. Entry (level) whatever they pay to get chips and not what they pay in each game," finance minister Nirmala Sitharaman said.

Giving an example, she said if a bet is placed for say Rs 1,000, and the player wins Rs 300, then if the player again places a bet of Rs 1,300, then GST will not be levied on the winning amount. 
 
A review of the taxation of online gaming and casinos will be undertaken after 6 months or around April 2024 to see if any change in rules is required.

Briefing reporters after the 51st GST Council meeting here, Sitharaman said for the purpose of GST levy, the valuation of supply of online gaming and casinos will be done based on the amount paid or deposited with the supplier, excluding the winning amount in the bet.

Revenue secretary Sanjay Malhotra said that offshore gaming platforms will have to register themselves with the GST authorities.

Also read: <a href="https://www.wionews.com/india-news/another-cheetah-found-dead-in-indias-kuno-national-park-as-furious-foreign-experts-move-to-top-court-621646">Another cheetah found dead in India's Kuno National Park as furious foreign experts move top court</a>

In case they do not follow the law, the government will invoke the provisions of the Information Technology Act to block those sites, Malhotra added.

The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing of online gaming and casinos.

"We will undertake amendments to CGST Act at the earliest, in this session itself. From October 1, it will be implemented," Sitharaman said.

Malhotra said the amendments will specifically define online gaming, online money gaming, virtual digital assets used to pay for online games, and supplier in case of online gaming. 
Asked about the impact on the ongoing legal cases in case of online gaming, Malhotra said the decision of the GST Council is only clarificatory in nature as online gaming was always an actionable claim in the nature of betting and gambling on which 28 per cent GST is leviable.

The Council had at its meeting last month decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it.

Sitharaman said Delhi finance minister opposed 28 per cent tax on online gaming and wanted the matter to go back to group of ministers. Goa and Sikkim, whose revenues come from casinos, said 28 per cent GST should be levied on GGR (gross gaming revenue) or platform fees and not on face value.

Sitharaman, however, said other states, including Chhattisgarh, West Bengal, Karnataka, Gujarat, Maharashtra and Uttar Pradesh, wanted the decision taken at the Council meeting last month to be implemented at the earliest.

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The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent.

The GST Council on Wednesday decided to levy a 28 per cent GST on online gaming and casinos on the face value of bets at entry level, even though three states -- Delhi, Goa and Sikkim -- expressed dissent. The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments in their respective assemblies to pave way for introduction of changes in law by October 1. "The valuation may be done based on the amount paid or payable or deposited with the supplier by or on behalf of the player, excluding the amount entered into games bets out of winnings of previous games and bets and not on the total value of each bets placed. Entry (level) whatever they pay to get chips and not what they pay in each game," finance minister Nirmala Sitharaman said. Giving an example, she said if a bet is placed for say Rs 1,000, and the player wins Rs 300, then if the player again places a bet of Rs 1,300, then GST will not be levied on the winning amount. A review of the taxation of online gaming and casinos will be undertaken after 6 months or around April 2024 to see if any change in rules is required. Briefing reporters after the 51st GST Council meeting here, Sitharaman said for the purpose of GST levy, the valuation of supply of online gaming and casinos will be done based on the amount paid or deposited with the supplier, excluding the winning amount in the bet. Revenue secretary Sanjay Malhotra said that offshore gaming platforms will have to register themselves with the GST authorities. Also read: Another cheetah found dead in India's Kuno National Park as furious foreign experts move top court In case they do not follow the law, the government will invoke the provisions of the Information Technology Act to block those sites, Malhotra added. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing of online gaming and casinos. "We will undertake amendments to CGST Act at the earliest, in this session itself. From October 1, it will be implemented," Sitharaman said. Malhotra said the amendments will specifically define online gaming, online money gaming, virtual digital assets used to pay for online games, and supplier in case of online gaming. Asked about the impact on the ongoing legal cases in case of online gaming, Malhotra said the decision of the GST Council is only clarificatory in nature as online gaming was always an actionable claim in the nature of betting and gambling on which 28 per cent GST is leviable. The Council had at its meeting last month decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed 28 per cent tax on online gaming and wanted the matter to go back to group of ministers. Goa and Sikkim, whose revenues come from casinos, said 28 per cent GST should be levied on GGR (gross gaming revenue) or platform fees and not on face value. Sitharaman, however, said other states, including Chhattisgarh, West Bengal, Karnataka, Gujarat, Maharashtra and Uttar Pradesh, wanted the decision taken at the Council meeting last month to be implemented at the earliest. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India: 28 per cent GST on online gaming to stay; will be reviewed after 6 months of roll-out

The all-powerful GST Council will meet on Saturday to discuss early implementation of e-way bill as well as ways to plug tax evasion.

Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, sources said.

The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said.

This would be the 24th meeting of the Council. The last meeting was held in Guwahati in November where taxes on 178 items were slashed.

In an earlier meeting, the council had decided that e-way bill - an electronic document generated on the GST Network portal - would be introduced in a staggered manner from January 1 and subsequently nation-wide from April 1.

However, the need to review the rollout timeline stems from revenue shortfall registered last month.

The GST revenue for October stood at Rs 83,346 crore, the lowest compared to the first three months since the implementation of GST from July 1. It was significantly down from the September figure of Rs 95,131 crore.

Jaitley had said on Thursday that the council has prepared schedule with regard to e-way bill to check evasion.

&quot;I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection,&quot; he had said.

Besides, sources said, invoice matching is also something that the council will deliberate on Saturday.

An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within the state, the supplier or the transporter need not furnish details on the portal.

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The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said.

The all-powerful GST Council will meet on Saturday to discuss early implementation of e-way bill as well as ways to plug tax evasion. Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, sources said. The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said. This would be the 24th meeting of the Council. The last meeting was held in Guwahati in November where taxes on 178 items were slashed. In an earlier meeting, the council had decided that e-way bill - an electronic document generated on the GST Network portal - would be introduced in a staggered manner from January 1 and subsequently nation-wide from April 1. However, the need to review the rollout timeline stems from revenue shortfall registered last month. The GST revenue for October stood at Rs 83,346 crore, the lowest compared to the first three months since the implementation of GST from July 1. It was significantly down from the September figure of Rs 95,131 crore. Jaitley had said on Thursday that the council has prepared schedule with regard to e-way bill to check evasion. "I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection," he had said. Besides, sources said, invoice matching is also something that the council will deliberate on Saturday. An e-way bill is required for movement of goods worth more than Rs 50,000. When goods are transported for less than 10 km within the state, the supplier or the transporter need not furnish details on the portal.

GST Council to meet on Saturday; discuss roll out of e-way bill

With the GST Council meeting underway, <a href="http://www.wionews.com/india-news/gst-on-over-200-daily-use-items-expected-to-fall-sushil-modi-23850">Bihar deputy chief minister Sushil Kumar that at least 227 items</a> were there in 28% GST slab, now only 50 remain, which are mostly luxury items, rest have been put in the 18% bracket.

Himanta Biswa Sarma, <a href="http://www.wionews.com/india-news/does-congress-want-to-make-bmws-mercedes-cheaper-jaitley-22889">Assam finance minister added that GST meeting</a> will be &quot;path-breaking with many crucial decisions in favour of traders, manufacturers and consumers.&quot;

The GST council meeting being held today is set to take crucial decisions including extending sops to small traders and businesses.

Earlier, finance minister Arun Jaitley had defended the multiple slabs under the Goods and Services Tax.&nbsp;

The GST -- which was meant to replace India&#39;s myriad indirect taxes with one single tax -- has come under severe criticism.

Jaitley said that bringing everything under 18% GST would help those buying luxury items.&nbsp;

The GST council meeting being held today is set to take crucial decisions including extending sops to small traders and businesses.

With the GST Council meeting underway, Bihar deputy chief minister Sushil Kumar that at least 227 items were there in 28% GST slab, now only 50 remain, which are mostly luxury items, rest have been put in the 18% bracket. Himanta Biswa Sarma, Assam finance minister added that GST meeting will be "path-breaking with many crucial decisions in favour of traders, manufacturers and consumers." The GST council meeting being held today is set to take crucial decisions including extending sops to small traders and businesses. Earlier, finance minister Arun Jaitley had defended the multiple slabs under the Goods and Services Tax. The GST -- which was meant to replace India's myriad indirect taxes with one single tax -- has come under severe criticism. Jaitley said that bringing everything under 18% GST would help those buying luxury items.

227 items were in 28% GST slab, now only 50 remain: Bihar deputy chief Sushil Kumar

The BSE Sensex recovered about 245 points in opening trade today, breaking its two-session losing streak on value-buying by investors and optimism ahead of GST Council meeting.

Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment.

Expectations that the GST (goods and services tax) Council might give some relief to some sectors by slashing the indirect tax rates at its meeting which begins today also supported the rebound, brokers said.

The 30-share barometer, which had lost 512.38 points in the previous two straight sessions, was trading higher by 244.99 points, or 0.73 per cent, to 33,463.80, with all the sectoral indices led by oil &amp; gas, realty, PSU and metal trading in green.

On similar lines, the NSE Nifty rose 65.30 points, or 0.63 per cent, to 10,368.45.

Major gainers were Hindustan Unilever, Tata Steel, SBI, Sun Pharma, Reliance Industries, ONGC, NTPC, Dr Reddy&#39;s, Asian Paint, Axis Bank, ICICI Bank, Wipro, Infosys and Bharti Airtel, posting gains of up to 2.14 per cent.

Tata Motors also rose 1.82 per cent ahead of its Q2 earnings to be announced later in the day.

Among other Asian markets, Hong Kong&#39;s Hang Seng was up 0.96 per cent, while Japan&#39;s Nikkei rose 1.98 per cent in early trade. China&#39;s Shanghai Composite Index was up 0.05 per cent.

The US Dow Jones Industrial Average ended 0.03 per cent higher in yesterday&#39;s trade.

Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment

The BSE Sensex recovered about 245 points in opening trade today, breaking its two-session losing streak on value-buying by investors and optimism ahead of GST Council meeting. Buying by domestic institutional institutions (DIIs) and a firm trend on other Asian bourses, tracking overnight gains in the US markets, influenced trading sentiment. Expectations that the GST (goods and services tax) Council might give some relief to some sectors by slashing the indirect tax rates at its meeting which begins today also supported the rebound, brokers said. The 30-share barometer, which had lost 512.38 points in the previous two straight sessions, was trading higher by 244.99 points, or 0.73 per cent, to 33,463.80, with all the sectoral indices led by oil & gas, realty, PSU and metal trading in green. On similar lines, the NSE Nifty rose 65.30 points, or 0.63 per cent, to 10,368.45. Major gainers were Hindustan Unilever, Tata Steel, SBI, Sun Pharma, Reliance Industries, ONGC, NTPC, Dr Reddy's, Asian Paint, Axis Bank, ICICI Bank, Wipro, Infosys and Bharti Airtel, posting gains of up to 2.14 per cent. Tata Motors also rose 1.82 per cent ahead of its Q2 earnings to be announced later in the day. Among other Asian markets, Hong Kong's Hang Seng was up 0.96 per cent, while Japan's Nikkei rose 1.98 per cent in early trade. China's Shanghai Composite Index was up 0.05 per cent. The US Dow Jones Industrial Average ended 0.03 per cent higher in yesterday's trade.

Sensex recovers 245 points on value-buying, global cues

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Sensex recovers 245 points on value-buying, global cues