New Delhi: The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, is underway in New Delhi, where state finance ministers and tax officials are also participating.
#WATCH | 54th meeting of the GST Council underway, in Delhi. Union Finance Minister Nirmala Sitharaman is chairing the meeting. pic.twitter.com/VnL8LITuoq
— ANI (@ANI) September 9, 2024
The session is likely to address several critical topics, including the taxation of insurance premiums, proposed rate rationalisations, and a review of online gaming revenues, reports claimed. Here’s a look at what could be on the cards:
Union Finance Minister Smt. @nsitharaman chairs the 54th meeting of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, today.
Along with the Union Finance Minister, Union Minister of State for Finance Shri @mppchaudhary; Chief Ministers of Goa and Meghalaya; Deputy Chief… pic.twitter.com/9oTANxzKYm
— Ministry of Finance (@FinMinIndia) September 9, 2024
- Will 18% GST be imposed on Online payments up to Rs 2,000? The GST Council may also consider imposing an 18% GST on small digital transactions up to Rs 2,000 made via debit and credit cards through payment aggregators (PAs), according to various media reports. If levied, this will impact the cost of digital transactions for consumers and businesses.
- Will there be any cut in GST rate for health insurances? A major agenda item that the Council will discuss is the potential reduction of GST rates on health and life insurance premiums. The Council may decide whether to cut the current 18% tax rate on health insurance or exempt specific groups, like senior citizens, from this burden.
- Will there by any cuts or further increase on GST on online gaming? The Council is also likely to review a status report on GST revenues earned from online gaming. The report compares figures before and after October 1, 2023, when after 28% GST was levied on entry-level bets.
- Focus on crackdown on fake GST registrations: The meeting is also likely to focus on the crackdown on fake GST registrations. The drive against such fake registrations was launched on August 16 to identify and eliminate non-existent GSTINs, with a total suspected tax evasion amount of Rs 24,010 crore reported from previous audits.
