- Union Finance Minister Nirmala Sitharaman chaired pre-Budget consultations with state finance ministers and Union Territories to gather their input. This was followed by the 53rd meeting of the GST Council on June 22, 2024.
- The GST Council exempted services for hostel accommodation outside educational institutions up to ₹20,000 per person per month, with the condition that the student must have stayed in the hostel for a continuous period of 90 days to prevent misuse of the exemption by hotels.
- The purchase of railway tickets, waiting room charges, and cloak room charges have been exempted from GST. Additionally, no GST will be levied on services provided by battery-operated vehicles and intra-railway services.
- The GST council recommended waiving interest on penalties for tax demand notices and implementing a uniform 12% rate on milk cans.
- During the pre-Budget meeting, Ms. Sitharaman emphasized the Centre’s support to states through timely tax devolution and GST compensation arrears to boost growth. She also encouraged states to take advantage of the scheme offering a 50-year interest-free loan to undertake specified reforms.
Source A2ztaxcorp
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