- GST Council to meet soon to discuss rate rationalisation and other issues
- Last meeting was on December 21 in Jaisalmer
- Council should meet quarterly but has not met in over 5 months
- Finance Minister Nirmala Sitharaman is the Chairperson
- Key issues include GST rate on insurance premiums, compensation cess, and rate rationalisation
- Two Groups of Ministers are examining these issues
- GoM on insurance premiums to submit a reworked report
- GoM on rate rationalisation suggests restructuring rates and addressing inverted duty structures
- Compensation cess extended to March 31, 2026, to repay loans
- Debate on new mechanism post-March 2026 for compensation cess
- GoM led by Minister Pankaj Chaudhry to propose new taxation mechanism
- Report deadline extended to June 30, 2025
- Cess likely to continue with a new name
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
