GST Council Meeting Live: Delhi Finance Minister Atishi Marlena said that research grants should be exempted from GST.

GST Council Meeting Live: "The Delhi Government, Punjab Government and Aam Aadmi Party have been continuously raising this issue that the educational institutions which get research grants should not be subjected to GST," said Atishi Marlena, Finance Minister of Delhi after the GST Council meeting reported news agency ANI. 

"Imposing GST on it is equal to tax terrorism and we are happy that the Central Government as well as all the state governments agreed to this and it has been decided that now if any educational institution gets any government grant or research grant from any private institution, the GST Council has decided that no GST will be imposed...," said Marlena

"Some opposition states have raised the issue that the currently charged 18% premium on health insurance is too high, so there was a consensus in the GST Council that there should be GST reduction, but now this issue has been sent to GoM. GoM will examine the entire issue...," 

GST Council Meeting Live: The GST Council reached a broad consensus on reducing health and life insurance premiums from 18%, and the decision will be made at the next meeting, reported PTI. 

GST Council Meeting Live: The GST Council reached a broad consensus on reducing GST on health and life insurance premiums from the current 18 per cent. However, a final decision would be taken in the next meeting, reported the news agency PTI, quoting people aware of the development. 

GST Council Meeting Live: GST Council's cautious approach indicates a preference of gradual adjustment rather than sweeping changes, said Sandeep Agrawal, director and founder of Teamlease Regtech.

GST Council Meeting Live: "The proposed changes could create a more straightforward and predictable GST framework, enhancing compliance and reducing complexities for businesses," said Sandeep Agrawal, director and founder of Teamlease Regtech.

"Simplifying the rate structure could lower administrative burdens and support industries like insurance by potentially adjusting high tax rates that impact consumer costs. However, maintaining high taxes on sectors like online gaming reflects the government's caution in balancing revenue needs with industry growth," he said.

"The Council's cautious approach indicates a preference for gradual adjustments rather than sweeping changes, with a focus on stabilizing the fiscal landscape while considering future reforms," said Agrawal.

GST Council Meeting Live: Centre and states collected ₹8,262.94 crore through GST on health insurance premiums in 2023-24, reported Moneycontrol.

GST Council Meeting Live: Centre and states collected ₹8,262.94 crore through GST on health insurance premiums in 2023-24, reported Moneycontrol on Monday. GST collected on health reinsurance premiums amounted to ₹1,484.36 crore, as per the report. 

GST Council Meeting Live: No decision on online gaming taxation, reported CNBC TV-18. 

GST Council Meeting Live: The GST Council has decided to maintain the existing rules for online gaming, casinos, and racecourses, reported CNBC TV-18 on Monday. 

GST Council Meeting Live: Clarification on taxation related to oil and gas exploration under farm-in and farm-out contracts has been postponed, reported CNBC TV-18. 

GST Council Meeting Live: The proposal to clarify taxation related to oil and gas exploration under farm-in and farm-out contracts has been postponed, reported CNBC TV-18, citing people aware of the development. The issue will be reviewed in the next meeting, with a more thorough examination by the fitment committee, they said in the report. 

GST Council Meeting Live: Decision remains pending on 'applying 18% GST on transactions below ₹2,000 processed by payment aggregators,' reported CNBC TV-18.

GST Council Meeting Live: The Goods and Services Tax (GST) Council's decision on applying an 18% GST on transactions under ₹2,000 processed by payment aggregators remains pending, reported CNBC-TV18. 

This will impact customers' ability to make small online payments and is to be referred to the GST fitment committee for further review, said Prem Chand Agarwal, the Finance Minister of Uttarakhand, according to the report.

GST Council Meeting Live: There is a 'broad consensus' on reducing insurance premium, reported Moneycontrol

GST Council Meeting Live: There is a 'broad consensus' on reducing insurance premiums; however, the final decision will be taken in the next meeting, reported the news portal Moneycontrol, quoting people aware of the development. 

GST Council Meeting Live: GST Council accepts demand to reduce GST on helicopter pilgrimage travel to 5% from 18%, says Uttarakhand FM. 

GST Council Meeting Live: GST Council accepts the demand to reduce the GST on heliopter pilgrimage travel to 5% from 18%, said Prem Chand Agarwal, the Finance Minister of Uttarakhand, reported the agency ANI. 

GST Council Meeting Live: Potential relief on health insurance premium

GST Council Meeting Live: At the 54th meeting of the Goods and Services Tax (GST) Council on Monday at Sushma Swaraj Bhawan, New Delhi, it is expected that there will potential be a significant relief to individuals and senior citizens by lowering the GST rate on health insurance premiums, reported the news agency ANI quoting people aware of the development. 

Currently, both health and life insurance policies attract 18 per cent GST. 

GST Council Meeting Live: Potential easing of electricity sector burdens

The government is currently examining suggestions to alleviate costs associated with power connections and supplementary fees. Should these proposals be implemented, they could have wide-ranging positive impacts across the electricity industry. Power generation firms, distribution networks, and end-users may all stand to gain from such measures.

GST Council Meeting Live: ST Council site crashes

GST Council's official website - gstcouncil.gov.in - is not working right now. Several people have taken to X to complain about the site crash.

GST Council Meeting Live: A timeline

The debate over exempting health insurance premiums from Goods and Services Tax (GST) has gained significant attention in recent weeks. Here's a chronological overview of the key events:

July 31, 2023: The controversy ignited when a letter from Union Minister Nitin Gadkari to Union Finance Minister Nirmala Sitharaman became public. In this correspondence, Gadkari reportedly advocated for the removal of GST on health insurance premiums.

Early August 2023: The issue quickly escalated, reaching the floors of Parliament. During discussions, Finance Minister Sitharaman addressed the matter, stating, "75 percent of the GST collected goes to the states." She further suggested that any consideration of GST exemption on insurance premiums would require input from state governments.

Mid-August 2023: In response to the ongoing debate, the West Bengal government claimed it had previously raised this issue. West Bengal Finance Minister Chandrima Bhattacharya reportedly brought up the topic during a Group of Ministers (GoM) meeting on rate rationalization.

GST Council Meeting Live: What's all on agenda

GST Council Meeting Live: The Council, comprising state finance ministers and tax officials, will also evaluate the ongoing crackdown on fake GST registrations. This initiative, launched on August 16, aims to identify and eliminate non-existent GSTINs. Sources report that suspected tax evasion amounting to ₹24,010 crore has been uncovered from previous audits.