Standardised GST Rate on Milk Cans
A standardised GST rate of 12% was established for all milk cans, irrespective of their material (steel, iron, or aluminium). This measure aims to ensure consistent tax treatment for these products.
Petrol and Diesel under GST
The Central Govt. had come up with a scheme to encourage uniform taxation of fuels across the country. They intended to bring petrol and diesel under the GST regime.
Indian Railways services
The council has approved a GST exemption on platform tickets to reduce the financial strain on passengers. This move is part of a larger initiative to make railway services more affordable and accessible.
Reduction in GST for Carton Boxes
The GST rate on carton boxes has been cut from 18% to 12%. This change is meant to lower costs for both manufacturers and consumers, making these packaging materials cheaper.
Exemption for Hostel Accommodation
GST has been exempted for hostel accommodation services outside educational institutions, up to ₹20,000 per person per month. This exemption is intended to make hostel living more budget-friendly for non-student residents.
Central support and conditional loans to states
During her speech, Finance Minister Sitharaman stressed the Union Government’s dedication to supporting states with timely tax distributions, Finance Commission grants, and GST compensation. She talked about the ‘Scheme for Special Assistance to States for Capital Investment’, pointing out that while most loans are flexible, some require states to carry out citizen-focused reforms and specific capital projects. Sitharaman urged states to take advantage of these loans by meeting the set conditions.
Extension of GSTR 4 Filing Deadline for Small Taxpayers
To support small taxpayers, the Council recommended extending the deadline for submitting details and returns in the form GSTR 4 from April 30th to June 30th. This extension will apply to returns for the Financial Year 2024-25 onwards, the minister announced.
No Interest or Penalties for Honest GST Cases
Finance Minister Nirmala Sitharaman has announced that if you received a GST demand notice and you haven’t committed fraud or made false statements, you won’t have to pay extra interest or penalties. This new rule is meant to help those who are dealing with GST issues without any wrongdoing.
Monetary Limits for Appeals
New monetary limits have been set to make it easier for smaller taxpayers to handle legal appeals: ₹20 lakh for the GST Appellate Tribunal, ₹1 crore for the High Court, and ₹2 crore for the Supreme Court.
