The two-day meeting, being held on September 3 and 4, is expected to bring significant changes to India's indirect tax structure, with discussions centred around rationalising and reducing the number of GST slabs.
Indian stock markets opened almost flat on Wednesday as investors waited for the outcome of the Goods and Services Tax (GST) Council meeting, where crucial decisions on GST rates are expected.
The 56th meeting of the Goods and Services Tax (GST) Council is set to begin in the national capital tomorrow, spanning two days from September 3 to 4.
The GST Council is a constitutional body responsible for making recommendations on issues related to the implementation of the Goods and Services Tax (GST) in India.
At the GST Council meeting on Saturday, the council recommended 18 per cent GST on the margin of sale of all old and used vehicles, including EVs. Earlier different rates of GST were leviable on old vehicles and old EV sales.
The GST rate on popcorn remains unchanged following the recent GST Council meeting. A request from the State of Uttar Pradesh sought clarification regarding the classification and GST rate applicable to popcorn mixed with salt and spices.
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.
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.
The ten-member Group of Ministers (GoM) panel, headed by the Union Minister of State for Finance Pankaj Chaudhary, met on Wednesday on the ongoing compensation cess issue. The meeting discussed the future of cess to states under the GST regime but no decision was taken says the minister.
The Ministry of Finance posted on X, "Union Finance Minister @nsitharaman chairs the 54th meeting of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, today. Along with the Union Finance Minister, Union Minister of State for Finance @mppchaudhary ; Chief Ministers of Goa and Meghala