GST Council sets up GoMs on health, life insurance, compensation cess

Quick Summary:

The Council also recommended exempting the supply of research and development services by a government entity/research association, university, college, or other institution.

On compensation cess, the union minister explained that it extended legally only until March 2026, was initially intended for compensation-related purposes, and used to repay back-to-back loans.

Introduced to address states' revenue shortfalls post-GST implementation, the compensation cess was initially intended to be temporary but has been extended until March 2026.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Airlines Life Insurance GST GST Council meet

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-09 @ 21:55:43 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 715 words

Reading Time: 4 minutes read

Sentences: 26 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22427964

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