GST Council 55th Meeting: Union Finance Minister will hold GST Council meeting in Jaisalmer today; These things can be expensive
GST Council 55th Meeting: Today the 55th meeting of the GST Council is going to be held in Jaisalmer, Rajasthan. Along with Union Finance Minister Nirmala Sitharaman, finance ministers of other states are also going to be present in this meeting. In this GST Council meeting, major decisions can be taken regarding insurance sector, luxury products and aviation turbine fuel.
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According to media reports, a total of 148 items are going to be discussed in the 55th meeting of the GST Council. There is a possibility of increase in GST rate on electric vehicles, small petrol and diesel vehicles in the meeting. That means if GST rate is increased then vehicles will become expensive. At present, 12 percent GST is applicable on these vehicles, which can be increased to 18 percent.
On the other hand, there is a possibility of removal of GST on term life insurance in this meeting, while GST can be removed from health insurance premium of senior citizens. At the same time, people taking health insurance up to Rs 5 lakh can also get a big discount in GST. GST on packaged water of 20 liters or more can be reduced from 18 to 5 percent.
GST on bicycles can be reduced from 12 percent to 5 percent. However, GST rates on luxury products may be increased. GST on watches costing more than Rs 25,000 and shoes costing more than Rs 15,000 can be increased from 18 percent to 28 percent. At the same time, up to 5 percent GST may have to be paid on ready-made clothes costing more than Rs 1500.
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