GST Council Meeting
The GST Council meeting will be held under the chairmanship of Finance Minister Nirmala Sitharaman on September 9. This meeting is considered important in many ways. The most special thing is that a decision to remove GST on insurance may also be taken in this meeting. Actually, the debate on removing GST on insurance is moving fast. It is possible that the Finance Minister will take a decision on this in this meeting on September 9.
The GST Council has provided this information by posting it on its official Twitter account. The GST Council meeting will be held in New Delhi on September 9.
read this too
The 54th GST Council meeting will be held on 9 September 2024 in New Delhi.
– GST Council (@GST_Council) August 13, 2024
These will be important topics
Apart from GST on insurance, simplification of interest rates, reduction of tax slabs and removal of reverse duty under GST are expected to be discussed in this meeting. The GST Council, comprising the Finance Ministers of the Centre and the States, is the highest decision-making body on the Goods and Services Tax (GST). This organisation has been in operation since July 1, 2017.
Possible decision on insurance
It is also believed that a decision on insurance will be taken because recently Finance Minister Nirmala Sitharaman herself made a statement in Parliament. It was said that the government may consider removing 18 per cent GST on life and health insurance premiums. Actually, the demand to remove VAT on insurance was made by Union Minister Nitin Gadkari. Nitin Gadkari had written a letter to the Finance Minister demanding removal of insurance. Currently, 18 per cent GST is levied.
The meeting was held on June 23.
Earlier, the GST Council meeting was held on June 23. After this meeting, Finance Minister Nirmala Sitharaman said that the Group of Ministers (GoM) formed under the leadership of Bihar Deputy Chief Minister Sumant Choudhary on tariff rationalization will discuss the status of work and the aspects covered by the committee and the pending work before the committee. It will give presentation. It is believed that a consensus will be reached on this issue in this meeting.
