Jaisalmer: Union Finance Minister Nirmala Sitharaman presented major decisions from the 55th GST Council meeting that took place in Jaisalmer. The council took the following decisions for some sectors with particular focus on reduction of taxes and enhancement of GST laws.
Key Decisions and Announcements:
Agricultural and Food Products:
Black pepper meant for agricultural use will now not attract GST
Under this previous taxation regime, tax on the fortified rice kernels had been as high as 18% and was lowered to 5%
Popcorn is now subject to different GST rates based on packaging and ingredients
5% GST on unpackaged, plain popcorn prepared from salt and spice
Catergory 11 – Packaged and labelled plain popcorns attract a 12% GST
18% GST on caramel popcorn
Healthcare and Financial Services:
In fact, reparative gene therapy is completely ignored in the frameworks of the GST
Those farmers vending black pepper and raisins shall not be subjected to GST which has jointly offered a substantial relief
Those payment aggregators who deal with transactions of below ₹2000 will be GST exempted
Penal charges for long term loans from NBFCs will not attract GST bill henceforth
No adjustment to the 18% GST on heath and term insurance until further consideration is given to the matter by government
Electric Vehicles:
New electric vehicles will attract a 5% Good and Services Tax (GST)
Second wheel used electric vehicles purchased by the individuals will be GST exempted and use of electric vehicles by companies will attract GST of 18%.
It is a recognised fact that this figure is being worked towards being reduced to 5%
Small Business Support:
Simplifying the registration process for small companies: A development note has been completed and legal adjustments are expected to enhance registration.
Relief and Collaboration:
Thus, amid the pandemic in the Indian state, Kuwait supplied liquid oxygen for it, and in turn for the assistance – Indian vaccines and medical teams.
Business and family relations have been improved, through gene therapy exemption, and favourable position on black pepper/rice taxes.
The Mega Employment Generation event for the unemployed youth was graced by participation from Chief Ministers of Jammu and Kashmir, Goa, Haryana, Odisha, and Meghalaya and Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana. Other participants were the Finance Ministers from other States, the Revenue Secretary, and the Chairman of the more Central Board of Indirect Taxes and Customs (CBIC), with other officials from the Ministry of Finance.