Jaisalmer: Union Minister Nirmala Sitharaman on December 21, 2024 announced the decisions taken in the GST Council Meeting December 2024. Sitharaman announced key decisions from the December 2024 GST Council meeting, which included significant changes. The Council finalised to include a 5 per cent GST rate on fortified rice, and 18 per cent rate on used cars (including EVs), and exemptions for gene therapy and certain payment aggregators.
Addressing a press conference, the Finance Minister said decisions on food delivery app taxes and ATF GST were deferred. The meeting also addressed penal charges levied by banks and extended IGST exemptions for surface-to-air missiles.
GST Council Meeting Outcome: What Nirmala Sitharaman said – Highlights
The Council deliberated on the possibility of taxes on Quick commerce, delivery platform, food delivery, Sitharaman said, adding that GST on food delivery apps deferred. She said the Council will discuss in detail and take a decision later.
Gene therapy now exempt from GST, Sitharaman said while briefing the outcome of 55th GST Council meeting.
Payment aggregators handling transactions less than Rs 2000 payment have been given exemption. It does not extend to payment gateways, Sitharaman said.
Sitharaman said the GST Council deferred decision to cut tax on insurance premium as many inputs including IRDAI comments awaited.
GST Council did not agree on bringing Aviation Turbine Fuel (ATF) into Goods and Services Tax fold, Sitharaman confirmed.
The GoM on GST rate rationalisation deferred submission of its report, Sitharaman said and requested not to report tax related issues without official conformation.
No GST payable on penal charges by levied levied on borrowers by banks or financial institutions, Sitharaman announced.
Finance Minister announced an extension of the IGST exemption on surface-to-air missiles.
GST Council slashes rate on fortified rice kernels to 5 per cent, Finance Minister Nirmala Sitharaman said.
The Council approved increase in rate on sale of old and used cars including EV to 18 from 12 percent.
Fortified rice: Sitharaman announced Concessional GST on food preparation supplied to weaker sections under government programmes extended.
GST Council recommends amendment to definition of pre-packaged and labelled items, said finance minister.
Union Minister Nirmala Sitharaman on December 21, 2024 announced the decisions taken in the GST Council Meeting December 2024. Sitharaman announced the GoM on rate rationalisation has not yet finalised its report. The minister said GST Council deferred decision to cut tax on insurance premium as many inputs including IRDAI comments were awaited. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
