55th GST Council Meeting Today Live: Finance Minister Nirmala Sitharaman on Saturday addressed the media on the key decisions of the 55th GST Council meeting today. The Council on Saturday discussed various issues related to goods and services tax (GST). The finance minister announced that the Council has decided to reduce the tax rate on fortified rice kernel to 5%. She also said the issue to reduce the GST rate on health and life insurance requires more time as the insurance regulator IRDAI is yet to submit its inputs.
Sitharaman also said no decision has been taken on ATF’s inclusion under GST and on the taxability of delivery by food delivery apps.
The Council addressed crucial proposals for rate adjustments spanning luxury goods, aviation turbine fuel (ATF), real estate, and more. The GST Council, chaired by Union Finance Minister Nirmala Sitharaman along with state finance ministers, is the apex decision-making body on indirect taxes.
LIVE FEED
GST Council Meeting Live Updates: FM Nirmala Sitharaman’s Press Conference Ends
Finance Minister Nirmala Sitharaman’s press conference has concluded.
GST Council Meeting Live Updates: Sitharaman Clarifies On Popcorn Tax Issue
Finance Minister Nirmala Sitharaman says salted, caramelised, plain popcorn is being sold as namkeen in certain states. Caramelised popcorn comes with added sugar, so the treatment of rate is different from namkeen. Whether it is a carbonated drink or juice, anything with added sugar attracts a different tax rate. Since caramelized popcorn contains added sugar the tax rate is different.
GST Council Meeting Live Updates: Sitharaman Gives Clarification On Used EV Tax
Finance Minister Nirmala Sitharaman stated that new electric vehicles (EVs) are taxed at 5% GST. For old EVs sold between individuals, there is no GST. However, if a company sells used EVs or petrol and diesel vehicles, the GST rate on the margin has been increased to 18% by the Council.
GST Council Meeting Live Updates: GST Council Defers Decisions on Tax Rates on Food Delivery Platforms, Says FM
FM Nirmala Sitharaman says the GST Council has deferred decisions on tax rates on food delivery platforms like Swiggy and Zomato.
GST Council Meeting Live Updates: Exemption Extended From IGST on Surface-To-Air Missiles
FM Nirmala Sitharaman says exemption from IGST on surface-to-air missiles has been extended.
GST Council Meeting Live Updates: No GST Payable On Penal Charges Levied On Borrowers by Banks or Financial Institutions
FM Nirmala Sitharaman says no GST would be payable on penal charges levied on borrowers by banks or financial institutions.
GST Council Meeting Live Updates: GST Council Recommends Tweaks To Definition Of Pre-Packaged and Labelled Items, Says FM
FM Nirmala Sitharaman says the GST Council has recommended an amendment to the definition of pre-packaged and labelled items.
GST Council Meeting Live Updates: No Decision On FSI-Related Matter, Says FM
FM Nirmala Sitharaman says no decision has been taken on the Floos Space Index-related tax matter.
GST Council Meeting Live Updates: Council Did Not Agree To Proposal To Bring ATF Under GST, Says FM
FM Nirmala Sitharaman says the GST Council did not agree on bringing aviation turbine fuel (ATF) under GST.
GST Council Meeting Live Updates: Health Insurance Tax-Related Work Requires More Time, Says FM
Finance Minister Nirmala Sitharaman says health insurance tax-related work requires more time. Regulator IRDAI’s inputs are yet to come.
GST Council Meeting Live Updates: 12% GST Applicable On ACC Blocks Containing 50% Fly Ash, Clarifies FM
FM Nirmala Sitharaman clarified that ACC blocks with 50% fly ash will attract 12% GST.
GST Council Meeting Live Updates: Rate Rationalisation Needs More Time, Says FM
The rate rationalisation on 148 items needs more time, said Finance Minister Nirmala Sitharaman.
GST Council Meeting Live Updates: Gene Therapy Exempt From GST, Announces FM Nirmala Sitharaman
Gene therapy now exempt from GST, says Finance Minister Nirmala Sitharaman briefing outcome of 55th GST Council meeting.
GST Council Meeting Live Updates: Compensation Cess for Merchant Exporters Reduced
Finance Minister Nirmala Sithraman announces reduction compensation cess for merchant exporters, to increase working capital.
GST Council Meeting Live Updates: Fortified Rice Kernel GST Reduced To 5%
Finance Minister Nirmala Sitharaman has reduced the GST on fortified rice kernel To 5%
GST Council Meeting Live Updates: Fortified Rice Kernel GST Reduced To 5%
Finance Minister Nirmala Sitharaman has reduced the GST on fortified rice kernel To 5%
GST Council Meeting Live Updates: Fortified Rice Kernel GST Reduced To 5%
Finance Minister Nirmala Sitharaman has reduced the GST on fortified rice kernel To 5%
GST Council Meeting Live Updates: Fortified Rice Kernel GST Reduced To 5%
Finance Minister Nirmala Sitharaman has reduced the GST on fortified rice kernel To 5%.
GST Council Meeting Live Updates: FM Nirmala Sitharaman Begins Press Conference To Announce Key Decisions
Finance Minister Nirmala Sitharaman has begun the press conference to announce key decisions and address the media. Live address can be watched here:
GST Council Meeting Live Updates: Bihar Deputy CM Calls For More Discussions On Insurance Rate Cut
Bihar’s Deputy Chief Minister Samrat Choudhary said that there was a discussion on reducing GST on health and life insurance premiums, but it was felt that another meeting should be held to further address the issue.
GST Council Meeting Live Updates: ‘Shawls GST Matter Not Taken Up’, J&K CM Omar Abdullah
After the 55th meeting of the GST Council, Jammu & Kashmir CM Omar Abdullah says, “Some things were agreed on, some things were deferred… There had been a lot of speculation that GST on shawls particularly Pashmina shawls will be hiked, so we had come prepared to ensure that wouldn’t happen. Thankfully, it wasn’t taken up and we will also ensure that in the future also, something like this is not considered because it would be life-threatening to our Pashmina shawl industry…”
(ANI)
GST Council Meeting Live Updates: 55th GST Council Meeting Is Over, FM To Address Media Shortly
The 55th GST Council meeting has ended. FM Nirmala Sitharaman will now address the media shortly. Live telecast can be watched here:
GST Council Meeting Live Updates: 55th GST Council Meeting Underway, FM To Address Media Soon
The 55th GST Council meeting is in the final stage. FM Nirmala Sitharaman is set to address the media shortly.
GST Council Meeting Live Updates: 55th GST Council Meeting Enters Final Stage, Two Items Remain to Be Discussed
The 55th GST Council meeting is in the last leg, with just two items left to be discussed. FM Nirmala Sitharaman will announce the decisions after the meeting is over.
GST Council Meeting Live Updates: 55th GST Council Meeting Underway
The 55th GST Council meeting is still underway in Jaisalmer, Rajasthan. FM Nirmala Sitharaman will announce the decisions after the meeting is over.
GST Council Meeting Live Updates: ‘GST Hike In Used EVs Could Impact Growing Market’
On the GST hike in used cars, Pratik Mandvia, solar business head at Mufin Green Finance, said, “The GST Council’s proposal to increase the tax rate on old and used EVs from 12% to 18% could impact the growing market for pre-owned electric vehicles. The pre-owned EV market is an important step for many buyers who want to switch to electric vehicles but may find new ones expensive. Raising GST on old EVs may increase the cost for buyers, which could slow down adoption and affect the overall growth of the EV market. At a time when India is encouraging clean mobility, policies should focus on making EVs affordable for all, whether new or used.”
Instead of increasing taxes, the government could consider other ways to boost revenue while still supporting EV adoption, like offering incentives to buyers or creating trade-in programs. A balance between supporting the industry and meeting government goals is important, he added.
GST Council Meeting Live Updates: GST Council Resumes Meeting After Lunch
The GST Council has reconvened after lunch. After the meeting is over, FM Nirmala Sitharaman is likely to address the media at 5 pm.
GST Council Meeting Live Updates: FM Nirmala Sitharaman To Address Media At 5 PM
Finance Minister Nirmala Sitharaman is expected to address the media at 5 pm today.
GST Council Meeting Live Updates: Detailed Report On Insurance To Follow Next GST Meet, Says Samrat Chaudhary
As the GST Council has postponed the tax decision on insurance insurance, Bihar Deputy CM Samrat Chaudhary said, “The report of the council was to be given, and several people had their opinions on it. After another meeting, whether it should be group insurance, individual insurance, senior citizens’ insurance, or insurance for the disabled, a detailed report will be prepared for the next meeting.”
(IANS)
GST Council Meeting Live Updates: GoM On Health, Life Insurance Rate Reduction To Meet In January
The group of ministers (GoM) on health and life insurance rate cut is likely to meet again in January. The GST Council on Saturday deferred the decision to reduce tax on insurance policies for further examination. GoM has informed the Council about the lack of consensus as of now.
GST Council Meeting Live Updates: Tax Issue Related To Taxability On Food Delivery Platforms Postponed
The GST issue related to food delivery platforms has been postponed for further examination. Earlier, the GST Council was expected to reduce the GST rate for food delivery platforms like Swiggy and Zomato from the existing 18% (with ITC) to 5% (without input tax credit).
GST Council Meeting Live Updates: GoM Report On Rate Rationalisation Of 148 Items Postponed To Next Meeting
Samrat Chaudhary, the deputy chief minister of Bihar, said the rate rationalisation report could not be discussed in Saturday’s meeting. The matter might be taken up in the next session.
The GoM report is related to rate rejig on 148 items.
GST Council Meeting Live Updates: FM Nirmala Sitharaman To Announce GST Council Decisions After Meeting Is Over
The GST Council meeting is underway in Jaisalmer, Rajasthan, and is expected to be over in the next 30-45 mins. The decisions will be officially announced by FM Nirmala Sitharaman after the meeting.
GST Council Meeting Live Updates: Used Cars To Attract 18% GST Vs 12% Now
All used cars including EVs to attract 18% GST from current 12%; individual sales & purchases to continue at 12%, reports CNBC-TV18 citing sources.
GST Council Meeting Live Updates: Council Recommends 5% GST On Ready-To-Eat Popcorns If Not Pre-packaged, 12% On Pre-Packaged
GST Council recommends 5% GST on ready-to-eat popcorn mixed with salt & spices if not pre-packaged, 12% on pre-packaged and labelled, 18% on caramel popcorn: Sources told CNBC-TV18.
GST Council Meeting Live Updates: GST Council Defers Decision To Reduce Tax On Insurance Policies
The GST Council on Saturday decided to postpone decision on cutting taxes on health and life insurance policies for further examination, CNBC-TV18 has reported citing sources. The GoM has informed the Council about the lack of consensus.
