Revenue Secy Ajay Seth explains GST Council's cautious stance on key tax issues
Economic Affairs and Revenue Secretary Ajay Seth on Sunday, December 22, explained the GST Council's cautious approach to key issues discussed during its recent meeting.
Speaking about the deliberations on GST relief for insurance, Seth told CNBC-TV18 that the Group of Ministers (GoM) needs more time to address the complexity of the matter.
"It’s not a question about the Council not being able to decide. These are complex issues with expectations from policyholders. The GoM needs more time, and deliberations are going on as different states have different views on this. It needs to be a well-thought-out decision," he said.
He noted that differing views among states and the need to consult the Insurance Regulatory and Development Authority of India (IRDAI) are crucial to ensure that any decision accounts for policyholder expectations and regulatory concerns.
Addressing the inclusion of aviation turbine fuel (ATF) under GST, Seth explained that the GST Council debated the implications of such a move, particularly regarding its impact on airfares, airline operations, and state revenues.
