No major decisions were made during the 55th meeting of the Goods and Services Tax (GST) Council, held in Jaisalmer. The Council postponed key decisions on issues such as rate rationalisation and the determination of tax rates on insurance premiums.
"Thankfully, it wasn't taken up and we will also ensure that in the future, something like this is not considered because it would be life-threatening to our Pashmina shawl industry...," CM Omar Abdullah said.
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Union Finance Minister Nirmala Sitharaman chairs the 55th meeting of the Goods and Services Tax (GST) Council which is underway in Jaisalmer of Rajasthan on Saturday.
Sitharaman was welcomed by Rajasthan's Deputy Chief Minister Diya Kumari and other state government officials upon her arrival at the Jaisalmer airport.
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The proposed rationalisation of GST rates on health and life insurance products will be on the agenda for the upcoming Council meeting on Saturday in Jaisalmer, sources said.
In a post on the social media platform X, the ministry added that the net borrowing ceiling for the states is fixed at 3 per cent of the Gross States Domestic Product (GSDP), i.e., Rs 9,39,717 crore for the financial year 2024-25 as per the recommendations of the Fifteenth Finance Commission
The Goods and Services Tax (GST) collections have gone up by 9.3 per cent so far in the current fiscal 2024-25 to Rs 14.56 lakh crore. In the April-November period of last year, the tax mop-up was Rs 13.32 lakh crore.
Among these, 17 states surpassed an impressive 9 per cent growth rate, with Gujarat, Kerala, Telangana, Rajasthan, West Bengal, Bihar, Karnataka, Uttar Pradesh, Haryana, and Odisha standing out for their robust economic performance during 2021-22 and 2022-23.
Congress MP Vijayakumar alias Vijay Vasanth on Monday gave an adjournment motion notice in Lok Sabha and urged discussion of the pressing issue of removal of the Goods and Services Tax (GST) on agricultural products and essential food items.