Updated – December 21, 2024 at 09:11 AM.
GST Council Jaisalmer Meeting Live Updates: The upcoming 55th meeting of the GST Council will address significant issues, including the tax treatment of gift vouchers and charges paid for Floor Space Index (FSI). The Finance Minister, Nirmala Sitharaman, will lead the meeting in Jaisalmer. The Fitment Committee has recommended a circular clarifying that gift vouchers are a form of currency and thus exempt from GST as they fall under the definition of money. Conversely, the proposal regarding FSI charges suggests that these should attract GST under the Reverse Charge Mechanism (RCM) as they are seen as taxable transactions by tax authorities. The taxability of vouchers has been debated due to conflicting rulings, while the FSI discussions reflect ongoing tensions between builders and tax authorities.
Union Finance Minister Nirmala Sitharaman chairs a meeting on Pre-Budget Consultation with States and Union Territories (with Legislature) for the forthcoming Union Budget 2025-26, in Jaisalmer. PTI
