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Time of India
24-05-2025
- Business
- Time of India
GST council to meet soon to discuss rate rationalisation, compensation cess future
New Delhi: The GST Council is likely to meet soon to discuss rate simplification and rationalisation and the future of compensation cess , according to a source. "There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification," the source said. The GST Council, chaired by Union Finance Minister and comprising state counterparts, in its meeting in December last year, did not take up the GoM reports on rate rationalisation and rate reduction in health and life insurance . The two GoMs, which recommended a reduction in rates and providing exemption to certain categories, are yet to submit their final report to the GST council. The GoM on Compensation Cess, headed by Minister of State for Finance Pankaj Chaudhary, is looking into the future of compensation cess beyond March 2026. As of now, the cess is being levied on luxury and sin goods but is being utilised only for paying back loans taken during the COVID to make good the loss to states in GST revenues. Live Events GoM is now studying how to retain the revenue from cess in some other form and how it is to be shared between the Centre and the states. Economic Times WhatsApp channel )
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Business Standard
23-05-2025
- Business
- Business Standard
GST Council to take up rate rationalisation issue in next meeting
A GoM headed by Minister of State for Finance Pankaj Chaudhary is looking into the future of compensation cess beyond March 2026 Asit Ranjan Mishra New Delhi Listen to This Article The next Goods and Services Tax (GST) Council meeting, for which the date will be announced soon, will take up the issues of rate rationalisation and future of compensation cess among other matters, a government official said requesting anonymity. 'The Groups of Ministers (GoMs) have submitted their reports. There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification (at the next Council meeting),' the official said, adding that the meeting will be held after giving states three weeks' time, following an established norm. The GST
Time of India
23-05-2025
- Business
- Time of India
GST council set to convene soon; tax simplification, compensation cess likely on agenda
The Goods and Services Tax (GST) Council is expected to meet soon to deliberate on tax rate rationalisation, simplification, and the future of the compensation cess, a government source said on Thursday. "There are three or four different aspects relating to making GST simpler. We will take up the issue of compensation cess, rate rationalisation and simplification," the source told news agency PTI. The GST Council, chaired by the Union Finance Minister and including state finance ministers, last met in December but did not consider the reports from two Groups of Ministers (GoMs) on rate rationalisation and potential reductions in health and life insurance tax rates. These GoMs, which proposed rate cuts and exemptions for specific sectors, are still in the process of finalising their recommendations. Meanwhile, the GoM on Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, is examining the continuation of the compensation cess beyond its current end date of March 2026. Currently applied to luxury and sin goods, the cess is being used to repay loans taken during the COVID-19 pandemic to offset revenue losses suffered by states. The GoM is now assessing ways to retain the cess revenue in a revised form and how it could be shared between the Centre and the states going forward. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
