GoM suggests cut in GST for COVID relief materials upto 5 percent

 









The eight-member group of ministers (GoM) constituted to deliberate on the Goods and Service Tax to be levied on COVID relief material, has recommended that the GST on vaccines be determined by the GST Council.

In this regard, it has referred the matter back to the council, people aware of the details reported The Economic Times.


As a result, this GST council will now need to sit once again to make a decision on these rates.

“The GST Council should decide the rate on vaccines, it has been recommended by GoM,” a senior official said, asking not to be named.

Further, this GoM has also suggested that a reduction in GST rates be made on COVID relief material, to 5% on items including medical grade oxygen, oxygen concentrators, pulse oximeters and Covid testing kits.

Source :https://www.moneycontrol.com/news/business/economy/gom-suggests-cut-in-gst-for-covid-relief-materials-upto-5-percent-report-7003381.html

Download our App to get knowledge updates:: https://play.google.com/store/apps/details?id=com.app.gstmitraa

Join Our Telegram Channel for more updates: https://t.me/praveengst

Comments

Post a Comment

Popular posts from this blog

Over 3 crore taxpayers successfully complete transactions. 1.5 crore Income Tax Returns filed: Infosys

Image
  IT Department (Representative image: Shutterstock) Over three crore taxpayers have successfully completed transactions and close to 1.5 crore Income Tax Returns filed in the new I-T portal, Infosys said in a statement today. "Over the last few weeks, the portal has seen steady increase in usage with taxpayers’ concerns being progressively addressed. So far over 3 crore taxpayers have logged into the portal and have successfully completed various transactions. Even as the portal makes sustained progress with crores of taxpayers successfully performing transactions, the Company acknowledges the difficulties some users continue to experience and is working expeditiously, in collaboration with the Income Tax Department, to further streamline end-user experience," the company said in a BSE filing on September 23. This comes after the persistent glitches the Infosys’ new e-filing portal faced since the launch on June 7. Persistent glitches forced Finance Minister Nirmala Sitharam...
Read more

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

3 Types of Income Tax Benefits Under NPS That Tax Savers Need To Know

Image
  The National Pension System (NPS) is a pension-building investment program in which individuals aged 18 to 70 can save for their retirement years. The Scheme is governed by the Pension Fund Regulatory and Development Authority (PFRDA) and provides subscribers with market-based returns. Like the Public Provident Fund (PPF), NPS doesn't provide you EEE (exempt-exempt-exempt) benefits, but under Sections 80CCD (1) and 80CCD (1B), you can claim a deduction for contributions made towards your NPS account. During the active account period, income earned from NPS is exempted from tax but the annuity received is subject to taxation. But for a wise tax saver who wants to invest in NPS for peaceful old age days, knowledge about the three types of tax benefits under NPS is a must which is briefly discussed below. Income tax benefits under Section 80CCD (1) Contributions made by an individual taxpayer towards the NPS Tier-I account are eligible for a tax benefit under section 80CCD (1). Subs...
Read more