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Arjuna (Fictional Character): Krishna, as we are prepared to welcome the New Year, I hear that the 55th GST Council Meeting held on 21.12.2024 also brought several new recommendations. Can you enlighten me on these changes? Krishna (Fictional Character): Arjuna, just as the New Year symbolizes new
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The GST rate on Fortified Rice Kernel (FRK) is reduced to 5%, gene therapy is fully exempted, and the rate on used vehicles (including EVs) has increased to 18% on the supplier's margin. Popcorn classification and taxation also saw changes based on packaging and ingredients.
Sponsorship services will now be taxed under Forward Charge. Taxpayers under the Composition Scheme are excluded from RCM for renting commercial property from unregistered dealers. RBI-regulated payment aggregators are exempt, and penal charges on loan defaults will not attract GST.
The definition of pre-packaged goods is proposed to be expanded to include all commodities sold in retail quantities of 25 kg or 25 litres.
Voucher transactions will not be treated as supply of goods or services, but commissions on voucher distribution by agents will attract GST. Unredeemed vouchers will not be subject to GST.
A waiver of late fees for delayed filing of GSTR-9C for the periods 2017-2018 to 2022-2023 is recommended, provided it is filed by 31st March 2025.
The term 'plant or machinery' will be replaced with 'plant and machinery' retrospectively. The pre-deposit requirement for penalty-related appeals will be reduced from 25% to 10%.
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