Quick Summary
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, is set to address several critical issues in its meeting scheduled for December 21, 2024, in Jaisalmer. These include the levy on health and life insurance premiums, rate rationalisation proposals for over 150 items, and clarification on the taxability of food delivery services. Key Discussions on the Agenda 1. Health Life Insurance Premiums The Group of Ministers (GoM) tasked with evaluating the GST on insurance premiu
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FAQ :
The 55th GST Council meeting is scheduled for December 21, 2024, in Jaisalmer.
Proposals include a complete GST exemption for term-life insurance and health insurance for senior citizens, and a reduction in GST on other health insurance premiums from 18% to 5%.
GST rates could be reviewed for over 150 items, including readymade garments, packaged drinking water, bicycles, exercise notebooks, wristwatches, shoes, tobacco, pan masala, and aerated beverages.
The council will clarify the taxability of food delivery app services, specifically whether a 5% GST will be applied retrospectively from 2022, as authorities argue for an 18% levy on delivery charges.
Changes could offer relief on essential items, increase tax on luxury goods, and boost government revenue from 'sin' goods.
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