Government is preparing to provide big relief to the public, tax cuts on these things will be announced in the GST Council meeting.

New Delhi : A major decision regarding the country's economy can be taken during the shivering winter season of Jaisalmer, Rajasthan. Today the 55th meeting of the GST Council has been organized at the Marriott Hotel in Jaisalmer. Along with Finance Minister Nirmala Sitharaman, Ministers of State for Finance of all the states of the country are also going to be a part of this meeting. In this meeting, a decision is going to be taken regarding the rate of GST to be imposed on 148 items. All these products can be included in the GST ambit.

After this GST Council meeting, cigarettes, tobacco, expensive wrist watches, shoes and footwear may become expensive. Apart from this, air fuel i.e. ATF used for the airline industry can also be included in the GST ambit. Along with this, other big decisions can be taken in this meeting of GST Council, about which we give you detailed information.

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Big changes can be seen in the insurance sector

The GST rate on term life insurance policies can be waived off in the 55th meeting of the GST Council. With this, senior citizens can get GST discount on health insurance premium. The reason behind doing this is to motivate people to buy insurance premium.

Discount on insurance up to Rs 5 lakh

In this GST Council meeting, GST can be waived on health insurance premium up to Rs 5 lakh. However, this facility is not going to be applicable on insurance cover of more than Rs 5 lakh. The objective of this meeting is to promote health insurance and life insurance. This can prove to be an important step towards making insurance plans affordable. Besides, in this meeting, necessary steps can also be taken to make India's taxation simple and inclusive.

New GST slab may start

In the 55th meeting of the GST Council, a separate GST slab can be created for premium and luxury items. According to sources, it has been learned that this slab can be up to 35 percent. Besides, intoxicants like cigarette, beedi or tobacco can also be included in this category. Not only this, in this meeting the GST rate applicable on food delivery platforms like Swiggy and Zomato can be reduced from 18 percent to 5 percent.