55th GST Council Meeting: Key Highlights
This key highlights all the key points said by the FM during the 55th council press meet
The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today (21st December 2024) at Jaisalmer, Rajasthan. The meeting was attended by Union Minister of State for Finance, Shri Pankaj Chaudhary, Ajay Seth ( Revenue Secretary) along with Chief Ministers from Goa, Haryana, Jammu and Kashmir, Meghalaya, and Odisha, and Deputy Chief Ministers...
The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today (21st December 2024) at Jaisalmer, Rajasthan.
The meeting was attended by Union Minister of State for Finance, Shri Pankaj Chaudhary, Ajay Seth ( Revenue Secretary) along with Chief Ministers from Goa, Haryana, Jammu and Kashmir, Meghalaya, and Odisha, and Deputy Chief Ministers from Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana.
The Key highlights of the 55th GST Council Meeting is as follows:
- Fortified Rice Kernels under Specific HSN Code gets GST Rate Cut to 5%
- GST on Gene Therapy, Life-Saving Drugs to be Fully Exempt
- GST Council recommends reduction of Compensation Cess to 0.1% on Supplies to Merchant Exports
- GST Council Meeting exempts IGST on IAEA Samples subjects to Specific Conditions
- 55th GST Council clarifies Autoclaved Aerated Concrete (AAC) blocks with over 50% fly ash content to attract 12% GST
- Food Preparation Inputs for Free Supplies to be Exempt from GST
- Fresh Green and Black Pepper Supplied by Agriculturists not liable to GST
- Payment Aggregators processing Payments less than Rs. 2000 eligible for GST Exemption
- Exemption to Payment Aggregators not Applicable to Payment Gateways
- No GST payable on Penal Charges collected by Banks from Borrower
- No Decision on Insurance Premium Rate Cuts, Rate Rationalisation
- Concept Note for Simpler GST Registration Process for Small Companies gets in-principle approval in GST Council Meeting
- Amends definition of pre packaged and labelled to cover all commodities intended for retail sale
- "Please Avoid": Finance Minister advises Media to Rate Cut/Hike Speculations
- RCM/FCM Applicability on GST imposed on FSI in Realty Sector, GST Council Meeting defers Decision
- No Agreement to Bring ATF under GST Ambit
- Training Partners of Skill Training Council to be Exempted from GST
- Caramelized Popcorn with Added Sugars have to be Treated Differently from Salted (Namkeen) Popcorn
- Sale of New EVs taxable at 5% GST, Used EVs between Individuals to Remain GST Exempt
- Margin on Sale of Second Hand EVs to be Taxed at 18% GST.
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