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GST Council tweaks rates for range of products and services
Photo courtesy: PIB

GST Council tweaks rates for range of products and services

| @indiablooms | 23 Jun 2024, 01:21 am

New Delhi: Union Finance Minister Nirmala Sitharaman presided over preliminary discussions with finance ministers from states and Union Territories to gather their perspectives ahead of the upcoming Budget.

This was followed by the 53rd meeting of the GST Council on Saturday.

The GST Council has decided to exempt services related to hostel accommodation outside educational institutions up to Rs 20,000 per person per month, with the condition that the student must have stayed in the hostel continuously for at least 90 days.

This condition aims to prevent hotels from misusing the exemption.

Furthermore, the purchase of railway tickets and payments for waiting room and cloak room charges are now exempt from GST.

Similarly, GST will not be applicable to services provided by battery-operated vehicles and intra-railway services.

Additionally, the GST Council recommended waiving interest on penalties related to tax demand notices and set a uniform GST rate of 12 percent on milk cans.

During the pre-Budget meeting, Sitharaman emphasised the Central government's commitment to supporting states through timely tax devolution and settling GST compensation arrears to stimulate economic growth.

She encouraged states to make use of the scheme where the Centre offers a 50-year interest-free loan for implementing specific reforms.

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