Highlights of the 55th Meeting of the GST Council - The Market Guru
The 55th GST Council meeting took place on December 21, 2024, in Jaisalmer, Rajasthan. Here are the key highlights from the meeting:
Aviation Turbine Fuel (ATF): The proposal to bring ATF under the GST framework was not approved as states did not agree to it.
Insurance Premiums: No decision was made regarding the reduction of GST on insurance premiums. The Group of Ministers (GoM) needs more time to study the issue.
Gene Therapy: Gene therapy has been exempted from GST, making it more accessible for advanced treatments.
Luxury and Sin Goods: There were discussions on increasing GST rates for luxury and sin goods.
Electric Vehicles (EVs): A 5% GST rate was announced for new electric vehicles.
Food Delivery Platforms: The decision on revising tax rates for food delivery platforms like Swiggy and Zomato was deferred.
Fortified Rice Kernels: The GST rate on fortified rice kernels was reduced to 5%.
Used Cars and EVs: The GST rate on the sale of old and used cars, including smaller petrol/diesel vehicles and electric vehicles, was increased to 18% from the earlier 12%.
Popcorn Taxation: Popcorn with salt and spices (if unpackaged) will attract 5% GST, pre-packaged popcorn will have a 12% GST rate, and caramel-coated popcorn will be taxed at 18%.
Calamity Cess: A 1% calamity cess on certain goods and services was proposed to help states recover from natural disasters.
These updates reflect the ongoing efforts to refine and adjust the GST framework to better meet the needs of various sectors.
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