55th GST Council Meeting Today Live: The GST Council meeting is discussing various issues related to goods and services tax (GST) on Saturday. The decisions of the 55th GST Council meeting, which is currently underway, will be officially announced by Finance Minister Nirmala Sitharaman at 5 pm today. However, according to reports citing sources, the Council has deferred the decision to cut rates on insurance policies for further examination. The GoM will meet again in January.
According to reports, the Council has recommended 5 per cent GST on ready-to-eat popcorn mixed with salt and spices if not pre-packaged, 12 per cent on pre-packaged and labelled, and 18 per cent on caramel popcorn. All used cars including EVs to attract 18% GST from current 12%; individual sales & purchases to continue at 12%.
The Council is expected to address 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: ‘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.
