Key Highlights from the 48th GST Council meeting

 

On December 17, the 48th meeting of the goods and services tax (GST) Council was virtually presided over by finance minister Nirmala Sitharaman. The decriminalisation of three different offences was suggested by the GST Council. Despite being one of the most important topics on the agenda for today's Council meeting, no decision was made regarding the taxation of tobacco and gutka.

The 48th GST Council meeting's key highlights are mentioned below::

1. The threshold amount for filing a GST offence has been raised to two crores except for barring cases of fraudulent invoices.

2. GST on cattle feed (pulse husk, chilka, and concentrates) was decreased from 5% to 0%.

3. There is a 5% GST on ethanol that applies to blended gasoline.

4. Decriminalized certain offences, such as cops obstructing services, failing to provide information, etc.

5. Unregistered Suppliers' items might be supplied by E-Commerce portals Insurance companies' No Claim Bonuses are exempt from GST.

6. No Decision on GST Appellate Tribunal .

7. At the following meeting, the two GoM Reports on Pan Masala, Gutka, and GSTAT will be considered.