Quick Summary
Economic Affairs and Revenue Secretary Ajay Seth, on Sunday, December 22, shed light on the GST Council's cautious stance on several complex issues discussed during its recent meeting. Ajay Seth explained the need for detailed deliberations before finalizing decisions on GST relief for insurance, the inclusion of aviation turbine fuel (ATF) under GST and taxation for food delivery platforms. Key Highlights from the Discussion GST Relief for Insurance Seth noted that the Group of Ministers
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FAQ :
The GST Council is being cautious because the issues surrounding GST on insurance premiums are complex, with expectations from policyholders and differing views among states. A Group of Ministers needs more time to deliberate, and consultation with the IRDAI is crucial.
The GST Council discussed including ATF under GST, but no consensus was reached. Further deliberation is needed due to the significant implications for airfares, airline operations, and state revenues.
There are differing views on whether food delivery apps should be taxed as composite supplies or separate services. Many states favour taxing them at the same rate as food items, while others see delivery as a distinct service requiring careful evaluation.
The GST Council is taking a cautious and measured approach, prioritising detailed deliberations and consensus-building among states to ensure well-thought-out decisions that consider broader implications and stakeholder expectations.
Economic Affairs and Revenue Secretary Ajay Seth shed light on the GST Council's cautious approach to the complex issues discussed during its recent meeting.
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