Here are key takeaways from 53rd GST council meeting

Even as the 53rd GST Council meeting convened on Saturday, June 22, 2024, finance minister Nirmala Sitharaman, who chaired the meeting alongside state finance ministers, made announcements on a number of issues such as tax amendments, Aadhaar biometric integration, GST on milk cans, exemptions in railway services, etc. Here are the key highlights from the session:

• GST Rate on Milk Cans: A uniform GST rate of 12 per cent  was announced by Sitharaman for all milk cans, irrespective of whether they are made of steel, iron, or aluminum
• Petrol and Diesel under GST: The central government reiterated its intent to bring petrol and diesel under GST, pending a consensus among states to determine the applicable tax rate
• Indian Railways Services: The council granted GST exemption on platform tickets, aimed at easing financial burdens on passengers
• Aadhaar-Based Biometric Authentication: In a bid to curb fraudulent practices like fake invoicing for illicit input tax credit (ITC), the council approved the nationwide rollout of Aadhaar-based biometric authentication, highlighting its role in enhancing tax compliance
• Reduction in GST for Carton Boxes: A decision was made to reduce the GST rate on various types of carton boxes from 18 per cent  to 12 per cent , a move intended to benefit manufacturers and consumers alike
• Exemption for Hostel Accommodation: Services related to hostel accommodation outside educational institutions were exempted from GST up to Rs 20,000 per person each month, announced the Finance Minister