GST Council Meeting Commences; Govt Defers Rate Rationalisation on Life, Health Premiums
The 55th GST Council Meeting is underway in Rajasthan's Jaisalmer. Chaired by finance minister Nirmala Sitharaman, the body will announce key decisions related to goods and services (GST) tax in the country. As of now, the council has deferred rationalising GST rates of life and health insurance premiums.
GST Council Meeting Commences; Govt Defers Rate Rationalisation on Life, Health Premiums
The 55th GST Council Meeting is underway in Rajasthan's Jaisalmer. Chaired by finance minister Nirmala Sitharaman, the body will announce key decisions related to goods and services (GST) tax in the country.
As per reports, the highly-anticipated decision to slash GST rates on insurance premiums has been postponed for further deliberations. While the council approved 5% GST on ready-to-eat popcorn (if not pre-packaged), it recommended levying 12% on pre-packaged and labelled whereas 18% on caramel popcorn.
Meanwhile, CNBC-TV18 reported that all used cars including EVs are set to attract 18% GST from the current 12%. GoM report On rate rationalisation of over 148 items could not be discussed and will be postponed to next meeting.
The GST council will also address crucial proposals for rate adjustments spanning luxury goods, aviation turbine fuel (ATF), real estate, and more.
