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GST Council revises GST rates on many items

By : Agency

First Published : Sunday, Dec 22, 2024 09:24 AM

Updated : Sunday, Dec 22, 2024 02:05 PM
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- GST Council revises GST rates on many items
  
  Jaisalmer, December 22, 2024 (ANI): No major decisions were made during the 55th meeting of the Goods and Services Tax (GST) Council, on issues such as rate rationalisation and the determination of tax rates on insurance premiums.
  During the press conference, Union Finance Minister Nirmala Sitharaman shared the key decisions taken by the GST Council and provided clarity on several important matters, including taxes on food and non-food items, and taxes on the sale of electric vehicles.
  The GST council provided the reduction of the compensation cess rate to 0.1 per cent on supplies to merchant exporters, aligning it with the GST rate on such supplies.
  The GST Council also reduced the rate on fortified rice kernels to 5 per cent. The Finance Minister clarified that ACC blocks containing 50 per cent fly ash will attract a 12 per cent GST rate. She also stated that black pepper and raisins supplied directly by farmers will be exempt from GST.
  Additionally, Sitharaman clarified that payment aggregators handling payments of less than Rs 2,000 will be eligible for an exemption. However, she noted that this decision does not extend to payment gateways or fintech companies.
  The Finance Minister further clarified that no GST will be levied on penal charges imposed by banks and non-banking financial companies (NBFCs) on borrowers for non-compliance with loan terms.
  Sitharaman also announced that the Group of Ministers (GoM) working on the compensation cess issue would be given an extension.
  Regarding the inclusion of Aviation Turbine Fuel (ATF) under GST, Sitharaman confirmed that the decision was deferred after states raised concerns. She said, "There will be no change in the taxation of ATF, and no GoM will be appointed for this issue."
  On the matter of health insurance, the GST Council provided relaxation to the GoM to decide on the reduction of GST rates on insurance premiums. Sitharaman noted that the GoM felt more time was needed for broader deliberations to determine an appropriate tax rate on insurance premiums.
  The GST Council also discussed the imposition of GST on quick commerce services, e-commerce, and food delivery platforms, but no decision was reached. Sitharaman mentioned that the Council also considered the taxation of popcorn and agreed that items with added sugar should be categorized separately. Salted popcorn will be taxed at 5 per cent, but when sugar is added, it will fall under a different category, she clarified.
  On the subject of electric vehicles (EVs), Sitharaman stated that the GST Council intends to promote EVs, which will be taxed at 5 per cent. She confirmed that used EVs sold between individuals will not attract GST. However, if an EV is purchased by a company, modified, and resold, it will be taxed at 18 per cent.
  The GST will apply to the margin value between the purchase price and selling price of the used EV, she explained.
  Sitharaman further stated that the GoM will review the decision on implementing a cess for disaster management funding and will also take a closer look at health and insurance-related issues. However, she added that no timeline had been determined for these reviews.
  The GST Council could not reach a decision on the taxation related to Floor Space Index (FSI), and this matter remains under consideration.
  Overall, several important decisions were made, many key issues were deferred for further analysis and discussion by the relevant committees. (ANI)
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