New Delhi: The GST Council will meet next on December 21, 2024, in Jaisalmer, Rajasthan. Headed by the Union finance minister and attended by state finance ministers, the GST Council is expected to take several major decisions and make important changes during this meeting. It is believed that the prices of tobacco and cigarettes may increase. At the same time, some everyday items may become cheaper. Also, a decision can be taken regarding the exemption from GST on health and life insurance. This GST meeting is to be held under the chairmanship of Finance Minister Nirmala Sitharaman.
GST on cigarettes and tobacco
One of the important expected decisions in this meeting is the potential hike in GST on cigarettes and tobacco, according to officials. This is not the first time that GST on cigarettes and tobacco may be hiked. The Group of Ministers on rationalizing GST rates has proposed to increase the tax on tobacco and cigarette related products from the current 28 per cent to 35 per cet. This decision may be part of an effort to increase revenue collection. The Group of Ministers, headed by Bihar deputy CM Samrat Choudhary, met members on Monday to decide on the finale rate.
It has been agreed to propose a special rate of 35 per cent on tobacco. For this, the existing four-tier tax structure of 5 per cent, 12 per cent, 18 per cent, and 28 per cent will remain. This will also include the new 35 per cent rate.
GST on cola and watches
The Centre is also expected to hike the aerated drinks to 35 per cent. Currently, the highest tax slab kf 28 per cent is reserved for luxury goods such as cars and washing machines. Wrist watches may also turn dearer with GST on items priced RS 25,000 and more proposed to be hiked to 28 per cent from 18 per cent at present.
The dates of the GST Council meeting have been announced. One of the important decisions in this meeting is that GST on cigarettes and tobacco can be increased. It has been proposed to increase the tax on tobacco and cigarette related products from the current 28% to 35%. Prices of tobacco and cigarettes will increase, these everyday items will become cheaper, decision will be taken on December 21 Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
