GST Council Meeting Live Updates: Defers insurance overhaul, recommends 18% tax on used EVs and smaller cars

ST Council Meeting Live Updates 21 December 2024

ALL UPDATES

• December 21, 2024 14:39
  

  GST Council Live news updates: GST Council meeting: Used EVs, smaller cars to attract 18% GST; insurance proposal deferred for more review
  

  GST Council on Saturday deferred a proposal related to restructuring GST on insurance premiums. However, according to sources, the Council recommended issuing a circular for GST on spiced and salted popcorn along with caramel popcorn 

  Read full story here

• December 21, 2024 13:26
  

  GST Council live news updates: Samrat Chaudhary: 148 items rate rejig report not presented today
  

  Samrat Chaudhary also said that report related to rate rejig on 148 items not presented in Saturday meeting

• December 21, 2024 13:22
  

  GST Council Live News Updates: GoM on insurance to review more suggestions, meeting scheduled for January
  

  GoM on insurance to consider some more suggestions before forming a view. It is likely to meet in January, Deputy CM of Bihar Samrat Chaudhary said

• December 21, 2024 13:11
  

  GST Council Live News Updates: Council confirms 18% tax on sales of pre-owned vehicles, up from 12%
  

  Sources confirm that the GST Council has approved an increase in the taxation on the sale of old used vehicles from 12% to 18%, clarifying that the 18% tax applies both when sold with a margin and when purchased by a business to claim depreciation.

• December 21, 2024 12:53
  

  GST Council Meeting Live: GST hike: 18% on used EVs and smaller petrol/diesel cars, up from 12%
  

  18 per cent GST to be levied on sale of old and used EV and smaller petrol and diesel car. Present rate is 12 per cent

• December 21, 2024 12:49
  

  GST Council Meeting Live updates and news: Proposal to rejig GST on insurance deferred
  

• December 21, 2024 12:46
  

  GST Council Meeting live news and updates: GoM on GST Compensation Cess may seek 6 more months to submit its report
  

  MoS (Finance) Chaudhary hopeful of meeting CPPEX target for FY25. Read the full report here.

• December 21, 2024 12:42
  

  GST Council recommendations: 5 per cent on fortified rice kernel, irrespective of end of end use
  

• December 21, 2024 12:41
  

  GST Council meeting Live news and updates: Council recommends rates for popcorn
  

  GST Council recommended:

  – 5% GST on ready-to-eat popcorn mixed with salt & spices if not pre-packaged, 12% on pre-packaged and labelled

  – 18 per cent on caramel popcorn

• December 21, 2024 12:41
  

  GST Council recommendations: Recommends new rates: 5% for unpackaged popcorn, 12% for labelled, and 18% for caramel popcorn
  

  GST Council recommended:

  – 5% GST on ready to eat popcorn mixed with salt & spices if not pre-packaged, 12% on pre-packaged and labeled

  -1 8 per cent on caremal popocorn

• December 21, 2024 12:37
  

  GST Council Meeting live news and updates: ‘Distributors already facing pressure’
  

  The industry body said that distributors are already facing significant margin pressures due to slowing consumer demand and rising operating costs. 

• December 21, 2024 12:36
  

  GST Council Meeting live news and updates: AICPDF urges Council to reconsider raising GST rate on aerated beverages
  

  The All India Consumer Products Distributors Federation (AICPDF) has urged the GST Council to reconsider the proposed GST rate hike to 35 per cent on aerated beverages.

• December 21, 2024 12:28
  

  GST Council meeting live news and updates: FMCG distributors body says hike in tax on soft drinks will adversely impact incomes
  

  Read the full report here

• December 21, 2024 12:20
  

  GST Council Meeting live news and updates: Here’s why ‘tax on tobacco products should stay high’
  

  Read here

• December 21, 2024 12:00
  

  GST Council Meeting Live Updates: Finance Minister Nirmala Sitharaman leads 55th GST Council meeting in Jaisalmer
  

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  WhatsApp Image 2024-12-21 at 11.52.44 (1).jpeg

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  Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chairs the 55th meeting of the GST Council in Jaisalmer, Rajasthan, today.

  The participants included Union Minister for State for Finance Pankaj Chaudhary; Chief Ministers of Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana; the Finance Ministers of States/UTs, besides Secretary of Department of Revenue, Chairman and Members of Central Board of Indirect Taxes and Customs (CBIC) and senior officials of the Ministry of Finance.

• December 21, 2024 11:20
  

  GST Council Meeting Live news: Chief Minister from 5 States and Deputy Chief Ministers from 5 States are participating
  

• December 21, 2024 11:20
  

  GST Council Meeting Live today: Ministers from 28 States and 2 UTs participate
  

  Ministers from 28 States and 2 UTs participating in the meeting along with tax officials from all over the country

• December 21, 2024 11:19
  

  GST Council Meeting Live Updates: 55th GST Council meeting started under the Chairperson Finance Minister Nirmala Sitharaman
  

• December 21, 2024 11:08
  

  GST Council Meeting live news and updates: GoM pitches for higher rates on costly watches
  

  The GoM has also proposed hiking the GST rate on wrist watches above ₹25,000 from 18 per cent to 28 per cent.

• December 21, 2024 11:08
  

  GST Council Meeting Live News and Updates: Shoes may see change in GST structure
  

  The GoM also proposed hiking GST on shoes above ₹15,000/pair from 18 per cent to 28 per cent.

• December 21, 2024 11:06
  

  GST Council meeting Live news and updates: Proposals include those on ready-made garments
  

  The Group of Ministers on rate rationalisation, under Bihar Deputy Chief Minister, also decided to propose rationalising tax rates on apparel. As per the decision, ready-made garments costing up to ₹1,500 would attract 5 per cent GST, those between ₹1,500 and ₹10,000 would attract 18 per cent. Garments costing above ₹10,000 would attract 28 per cent tax. Currently, garments costing up to ₹1,000 attract 5 per cent GST, while those above that attract 12 per cent. – PTI

• December 21, 2024 11:05
  

  GST Council Meeting live news and updates: Four-tier tax slab of 5%, 12%, 18% and 28% under GST will continue; new rate of 35$ proposed only for sin goods
  

  The four-tier tax slab of 5, 12, 18 and 28 per cent under GST will continue and a new rate of 35 per cent is proposed by the GoM only for sin goods.

• December 21, 2024 11:00
  

  GST Council Meeting Live Updates and News: GST compensation cess on luxury, sin and demerit goods helped to compensate States for revenue loss incurred by them post the introduction of GST
  

  In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, was used to compensate states for revenue loss incurred by them post the introduction of GST.

• December 21, 2024 10:58
  

  GST Council Meeting Live News and Updates: Group of Ministers on GST compensation cess likely to get a six month extension till June, 2025
  

  Group of Ministers (GoM) on GST compensation cess is likely to get a six month extension till June, 2025, to submit its report. The compensation cess regime comes to an end in March, 2026, and the GST Council has set up a panel of ministers, under Union Minister of State for Finance Pankaj Chaudhary, to decide the future course of the cess.

• December 21, 2024 10:57
  

  GST Council Meeting live news and updates: Is the supply of vouchers to be treated as that of goods or services?
  

  The GST Council has received representations for clarification regarding the taxability of gift cards/vouchers. The key issue in this is: will the supply of vouchers be treated as a supply of goods or a supply of services?

• December 21, 2024 10:51
  

  GST Council Meeting Live Updates and News: Rate hike on sale of used EVs possible
  

  Fitment Committee (comprising tax officers from the Centre and states) is likely to have proposed a rate hike to 18 per cent on sale of used EVs as well as small petrol and diesel vehicles to 18 per cent from the current 12 per cent.

• December 21, 2024 10:50
  

  GST Council Meeting live news and updates: Proposals favour GST cut on food delivery platforms
  

  The GST rate is also proposed to be cut on food delivery platforms like Swiggy and Zomato, to 5 per cent (without input tax credit), from the current 18 per cent (with ITC).

• December 21, 2024 10:49
  

  GST Council Meeting live updates and news: GST Council meeting may mull bringing aviation fuel under GST umbrella
  

  The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is also likely to deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry’s operation cost, in the Goods and Services Tax (GST) fold.

• December 21, 2024 10:48
  

  GST Council Meeting live news and updates: GoM on GST rate rationalisation had proposed rejigs in 148 items – PTI
  

  GoM on GST rate rationalisation had proposed rate rejigs in 148 items in its recommendations, but sources said that consensus is needed to be built on some of the tax changes that the panel has suggested and some more time may be needed for that. – PTI

• December 21, 2024 10:47
  

  GST Council Meeting live updates and news: Big-ticket rate rejig unlikely – PTI
  

• December 21, 2024 10:46
  

  GST Council meeting news and updates live: ‘Handicrafts is a labour-intensive industry that constitutes 80% of workforce,’ says J&K govt spokesperon – PTI
  

• December 21, 2024 10:44
  

  GST Council Meeting news and live updates: Higher tax on skilled labour would render them unemployed, says Lone – PTI
  

  “Higher taxes would mean lesser demand and hence lesser supply. Many skilled hands would be rendered unemployed. It will be a big blow to the industry. It is an appeal to please revert to the lowest GST tax brackets. This is a cottage industry and needs to be encouraged,” the Peoples’ Conference chief added. – PTI

• December 21, 2024 10:42
  

  GST Council Meeting live news and updates: GST rate adding to erosion of value in skilled labour, says Lone – PTI
  

  “In an economic era donated by machines and an era where AI is threatening jobs, these skilled hands are a rare relic. These skilled hands are still economically competitive. Why are we eroding their competitiveness by putting them in higher GST tax brackets (sic),” he said. – PTI

• December 21, 2024 10:41
  

  GST Council Meeting news and live updates: J&K govt says it has already taken up the matter with the Centre, urging it to lower GST from 12% to 5%- PTI
  
  “I hope increase in GST taxes on shawls is an
  

• December 21, 2024 10:40
  

  GST Council meeting live news and updates: Reports of proposed revision of tax slab for Kashmiri handicrafts cause of concern, says Sajad Lone – PTI
  

  People’s Conference chief Sajad Lone Friday expressed concern over the reports of proposed revision of tax slab for Kashmiri handicrafts, saying the move would deal a big blow to the industry. – PTI

• December 21, 2024 09:09
  

  GST Council Meet News: IRDAI, DFS support proposal for lowering GST on health policies for senior citizens, micro-insurance and term insurance policies
  

  Ahead of the GST Council meeting, a proposal for rationalising GST on insurance premium got boost with the Financial Services Department and the Insurance Regulatory and Development Authority of India (IRDAI) supporting the move.

  Read full story here

• December 21, 2024 09:07
  

  GST Council News: GST rates on insurance: Group of Ministers submits report, Council to consider proposals on Saturday
  

  A Group of Ministers under the convenorship of Deputy Chief Minister of Bihar, Samrat Chaudhary, has submitted a report regarding GST rates on insurance premium, a senior government official said here on Wednesday. Its recommendations are expected to be discussed in the GST Council meeting scheduled to take place on Saturday, December 21.

  More read

• December 21, 2024 09:04
  

  GST Council Meeting News: EVs may get a shock on GST front
  

  There is a bad news in store for Electric Vehicles (EVs) from the GST Council meeting scheduled on Saturday at Jaisalmer in Rajasthan. GST on old and used EV is likely to be raised while the proposal for lowering the rate on parts/components is expected to be rejected again.

  Read more

• December 21, 2024 09:02
  

  GST Council Meeting Live Updates: GST Council to address insurance premium rate rejig and gift card taxability
  

  The 55 ^th meeting of the GST Council, scheduled for Saturday, is likely to consider a host of issues, including the issuance of a circular on tax treatment of ‘gift vouchers’, clarifying that they are considered a form of money. According to sources, another item on the agenda is a clarification that charges paid by builders for Floor Space Index (FSI) will be subject to GST.

  Read more

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Published on December 21, 2024

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