The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman in Jaisalmer, introduced key tax revisions while deferring major decisions on insurance-related GST restructuring.
Key Highlights:
- Popcorn Taxation:
- Unpackaged salted/spiced popcorn: 5% GST.
- Pre-packaged popcorn: 12% GST.
- Caramel-coated popcorn: 18% GST.
The Council clarified that these rates remain unchanged, with a CBIC circular to follow.
- Fortified Rice Kernels: GST reduced to 5% from 18%.
- ACC Blocks with Over 50% Fly Ash: GST lowered to 12% from 18%.
- Used and Old Vehicles (Including EVs): GST increased from 12% to 18%.
Deferred Decisions:
Discussions on tax cuts for health and life insurance premiums, as well as insurance-related GST reforms, were postponed for further review by the Group of Ministers.
The revisions aim to streamline tax collection, while pending decisions will be revisited in future meetings.
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