New Delhi29 minutes ago
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The 53rd meeting of the GST Council will begin today on June 22. Union Finance Minister Nirmala Sitharaman will preside over the meeting. In this meeting, online gaming and reducing tax on fertilizer can be discussed.
Currently, GST is charged at the rate of 5% on fertilizers, while GST on raw materials like sulfuric acid and ammonia is 18%. The issue of reducing tax on fertilizer was raised in the 45th and 47th meetings held in September 2021 and June 2022.
Many important issues can also be discussed in this meeting with the aim of streamlining the GST structure, increasing compliance and resolving the concerns of the industry.
Just a day after Nirmala Sitharaman formally took charge as the Union Minister of Finance and Corporate Affairs, the GST Council had announced the date of the 53rd GST Council meeting. This is happening today i.e. on 22nd June.
In the October meeting, 28% tax was imposed on online gaming.
The last meeting of the GST Council was held on October 7, 2023. In this meeting, the GST Council had decided to impose 28% duty on online gaming, casino and horse racing.
These important decisions were taken in the 52nd meeting
- It has been decided to impose 5% GST on all types of brocade items.
- Extra neutral alcohol used for industrial use will attract 18% GST.
- The promoter will not have to pay GST on giving corporate guarantee for his company.
- The government will follow the decision taken earlier on online gaming.
- The maximum age of the President in GST Appellate Tribunal was increased from 67 to 70 years.
- Maximum age for member in GST Appellate Tribunal increased from 65 to 67 years.
Government collected ₹1.73 lakh crore from GST in May
The government had collected Rs 1.73 lakh crore from GST in May 2024. This was the fourth highest GST collection collected in any month so far and the second highest GST collection for the financial year 2024-25. Earlier, the government had collected the maximum of Rs 2.10 lakh crore from GST in April 2024. There was an increase of 10% in gross GST collection on an annual basis.
CGST was Rs 32,409 crore, SGST was Rs 40,265 crore
According to the Finance Ministry, of the GST collection of ₹1,72,739 crore in May, CGST was Rs 32,409 crore and SGST was Rs 40,265 crore. IGST stood at Rs 87,781 crore (including Rs 39,879 crore collected on import of goods) and cess at Rs 12,284 crore. Cess includes Rs 1,076 crore received from import of goods.
GST collection shows the health of the economy
GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG’s National Head Abhishek Jain said that the highest GST collection so far reflects the strong domestic economy.
GST was implemented in 2017
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
