New Delhi: The 54th Goods & Services Tax (GST) Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, began on September 9, 2024. The meeting is being attended by state finance ministers and tax officials. The GST Council is expected to reduce the GST rates on life and health insurance premiums. The rates are currently at 18 per cent.
The 53rd GST Council under the leadership of Finance Minister Sitharaman met in June 2024 and recommended to not levy interest u/s 50 of CGST Act in case of delayed filing of return, on the amount which is available in Electronic Cash Ledger (ECL) on the due date of filing of the said return. It also advocated for sunset clause from April 1st, 2025 for receipt of any new application for Anti-profiteering.
The Gross GST collections in August 2024 recorded a 10 per cent jump to about Rs 1.75 lakh crore, reflecting higher domestic consumption. The gross GST revenues from domestic transactions grew 9.2 per cent to about Rs 1.25 lakh crore.
Revenues from import of goods were up 12.1 per cent to Rs 49,976 crore. In July, gross Goods and Services Tax (GST) mop-up was Rs 1.82 lakh crore, while in August last year it was Rs 1.59 lakh crore.
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The 54th GST Council meeting got underway on September 9, 2024, i.e., Monday. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
