GST Council Meeting Highlights: The Finance Minister Nirmala Sitharaman has announced that decision on tweaking GST on insurance products has been deferred. There were expectations of tweaking in GST rates on food delivery platforms like Swiggy and Zomato. However, the GST Council has not tweaked any of these rates.
GST on EVs continue to be 5%. However, uniform 18% GST has been imposed on marginal value of all used cars sold by used car sellers. However, no GST will be levied on sale of EVs by one individual to another.
GST Council Meeting Live Updates: Meeting to be held in Jaisalmer
All eyes are on the 55th meeting of the GST Council today. This is being held at Jaisalmer, Rajasthan. Discussion is expected on 148 items for potential rate changes. This includes rate hikes on smaller petrol and diesel vehicles and used electric vehicles (EVs) .
GST Council Meeting Live Updates: Nirmala Sitharaman met ministers in Jaisalmer
Nirmala Sitharaman engaged in discussions with several prominent leaders in Jaisalmer. She met with Suresh Khanna, Minister for Finance and Parliamentary Affairs of the Government of Uttar Pradesh; Samrat Choudhary, Deputy Chief Minister of Bihar, and Kumari Diya, Deputy Chief Minister of Rajasthan.
GST Council Meeting Live Updates: Will food delivey platforms like Swiggy, Zomato charge lesser now?
One of the key proposals that the GST Council is set to take up is to lower GST rates on food delivery platforms like Swiggy and Zomato. The proposal is to bring down rates to 5% without ITC from 18% (with ITC).
GST Council Meeting Live Updates: ATF may come under GST
The 33-member GST council may consider the possibility of including aviation turbine fuel (ATF) under GST. Currently, ATF is taxed with an 11 per cent central excise duty, along with value-added tax (VAT) which is different for every state. Most states, levy VAT on ATF between 1% and 5%, while a few states, such as Bihar, Tamil Nadu, West Bengal, Delhi, and Assam, impose higher VAT rates ranging from 20% to 30%.
GST Council Meeting Live Updates: Tax Changes on Rice and Utility Vehicles
The Goods and Services Tax (GST) Council is set to review several recommendations from the rates fitment committee on Saturday, including a proposal to reduce the tax on fortified rice kernels and impose a 22% cess on all utility vehicles (UVs).
Odisha’s newly appointed Chief Minister Mohan Charan Majhi is likely to attend the GST Council Meeting today. He is on a 5-day visit to the National Capital
GST Council Meeting Live Updates: The GST Council may deliberate on key insurance rate rationalisation
The 55th GST Council meeting is underway in New Delhi. Chaired by Finance Minister Nirmala Sitharaman, the meeting is also attended by the state Finance Minister. Insurance rate rationalisation is one of the key issues that is expected to be taken up by the GST Council.