[ad_1]
GST Council Meeting latest update: The ongoing 55th GST council meeting in Jaisalmer is addressing crucial taxation matters, including revisions for AAC blocks, fortified rice and flavoured popcorn categories.
According to ET’s Deepshikha Sikarwar, the GSR council has determined that Autoclaved Aerated Concrete blocks containing over 50% fly ash will be classified under HS code 6815, reducing the GST rate to 12% from the previous 18%.
In the session led by Finance Minister Nirmala Sitharaman, the GST council has sanctioned a rate increase to 18% from 12% for transactions involving the sale of old and used cars, including electric vehicles, sources were quoted as saying.
The GST council has opted to streamline the taxation structure for fortified rice kernels by implementing a uniform 5% rate, regardless of its intended use, eliminating previous complexities, the report said.
Regarding ready-to-eat popcorn taxation, the council specified that salt and spice-seasoned popcorn, similar to namkeens, will incur 5% GST when sold without packaging and 12% when pre-packaged and labelled.
However, sugar-coated varieties like caramel popcorn, categorised as confectionery under HS 1704 90 90, will attract 18% GST.
The GST council has postponed decisions on insurance-related issues for additional review, following the lack of agreement during the Group of Ministers deliberations on this topic.
[ad_2]
Source link
