{"id":263396,"date":"2023-10-09T19:41:18","date_gmt":"2023-10-09T14:11:18","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=263396"},"modified":"2023-10-09T21:25:34","modified_gmt":"2023-10-09T15:55:34","slug":"recommendations-of-52nd-gst-council-meeting","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/recommendations-of-52nd-gst-council-meeting\/","title":{"rendered":"Recommendations of 52nd GST Council Meeting"},"content":{"rendered":"\n

Source: <\/b>The post is based on the article<\/span> \u201c<\/b>Recommendations of 52nd GST Council Meeting<\/b>\u201d <\/b>published in <\/span>\u201cPIB\u201d on 9th October 2023<\/b><\/p>\n

What is the News?<\/b><\/h2>\n

The 52nd GST Council met under the Chairpersonship of the Union Minister for Finance.<\/span><\/p>\n

What is the GST<\/b> Council?<\/b><\/h2>\n

Goods and Services Tax regime came into force after the Constitutional (122nd Amendment) Bill was passed by both Houses of Parliament in 2016.<\/span><\/p>\n

The GST Council is a joint forum of the Centre and the states.It was set up by the President as per Article 279A (1) of the amended Constitution.<\/span><\/p>\n

Purpose:<\/b> The council is meant to make recommendations to the Union and the states on important issues related to GST, like the goods and services that may be subjected or exempted from GST, model GST Laws.It also decides on various rate slabs of GST.<\/span><\/p>\n

Members<\/b>: The members of the Council include the Union Finance Minister (chairperson), the Union Minister of State (Finance) from the Centre.Each state can nominate a minister in-charge of finance or taxation or any other minister as a member.<\/span><\/p>\n

Decisions: <\/b>The council is devised in such a way that the Union Government has 1\/3rd voting power and the States have 2\/3rd. The decisions are taken by the 3\/4th majority.<\/span><\/p>\n

What are the key takeaways from the <\/b>52nd GST Council meeting?<\/b><\/h2>\n

The council <\/span>recommended that Extra Neutral Alcohol (ENA), used for manufacture of alcoholic liquor for consumption be kept outside the GST ambit.<\/span><\/p>\n

It clarified that the GST rate for corporate guarantees provided by a parent company to its subsidiaries will be levied at 18 per cent.<\/span><\/p>\n

Millet flour in powder form, containing at least 70% millet by weight will not attract any GST if sold loose, but will face 5% levy if sold in pre-packaged, labeled form.<\/span><\/p>\n

States also raised the issue of how the cess will continue under GST once it comes to an end in March 2026.Currently, cess is being used to pay off the borrowed amount meant to compensate states during the initial five-year period of GST which ended June 2022.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: The post is based on the article \u201cRecommendations of 52nd GST Council Meeting\u201d published in \u201cPIB\u201d on 9th October 2023 What is the News? The 52nd GST Council met under the Chairpersonship of the Union Minister for Finance. What is the GST Council? Goods and Services Tax regime came into force after the Constitutional… Continue reading Recommendations of 52nd GST Council Meeting<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,9],"tags":[11872,3590],"class_list":["post-263396","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-public","tag-9pm-daily-factly","tag-pib","entry"],"jetpack_featured_media_url":"","views":{"total":21,"cached_at":1698477361,"cached_date":1698660956},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/263396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=263396"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/263396\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=263396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=263396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=263396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}