Jun 24, 2024
By: Kunal Kambli
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Finance Minister Nirmala Sitharaman announced several significant measures during the 53rd GST Council meeting—held on Saturday, June 22, 2024. Swipe for a breakdown of the key decisions!
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“There is going to be a rolling out of biometric-based Aadhaar authentication on an all-India basis. This will help us to combat fraudulent input tax credit claims made through fake invoices in these cases,” announced Finance Minister Nirmala Sitharaman.
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A uniform GST rate of 12% was announced for all milk cans, regardless of whether they are made of steel, iron or aluminium. This measure is expected to standardise the tax treatment of these products.
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The central govt has reiterated its commitment to incorporating petrol and diesel under the GST framework, pending tax rate consensus among state govts. The move is seen as a step towards establishing uniform taxation for fuel across India.
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The GST Council has approved an exemption for certain railway services, including platform tickets, waiting room facilities, and intra-railway supplies. This exemption is designed to reduce costs for passengers and make railway travel more economical.
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The GST rate on various types of carton boxes has been reduced from 18% to 12%. This aims to lower the production and consumer costs of essential packaging materials, benefiting both manufacturers and end-users.
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The Council has recommended setting a uniform 12% GST rate for all solar cookers, regardless of whether they are powered by a single or dual energy source. This recommendation is intended to standardise the taxation of solar cooking appliances and promote their adoption.Pixabay
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Services related to hostel accommodation outside educational institutions have been exempted from GST for charges up to ₹20,000 per person per month. This exemption is intended to make hostel living more affordable for non-student residents.
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The GST Council has proposed waiving interest and penalties for demand notices issued under Section 73 of the GST Act. This waiver applies to cases where there is no fraud, suppression or misstatement involved, aiming to provide relief to taxpayers in genuine cases of error.
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To support small taxpayers, the Council has recommended extending the deadline for filing GSTR 4 from April 30 to June 30, starting from the Financial Year 2024-25.
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