GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, no decision on

55th GST Council Meet highlights: In today’s meeting, the GST Council decided to defer discussions on several key issues including the most anticipated insurance sector rates.

GST Council Meeting Highlights: The Finance Minister Nirmala Sitharaman has announced that decision on tweaking GST on insurance products has been deferred. There were expectations of tweaking in GST rates on food delivery platforms like Swiggy and Zomato. However, the GST Council has not tweaked any of these rates.

GST on EVs continue to be 5%. However, uniform 18% GST has been imposed on marginal value of all used cars sold by used car sellers. However, no GST will be levied on sale of EVs by one individual to another.

GST Council Meeting Live Updates: Expectations by Maulik Manakiwala, Partner, Indirect Tax, BDO India

GST Council is also likely to consider amending the GST rates on some products, such as a reduction in the rate for exercise notebooks, and bicycles costing less than Rs. 10,000 and increasing the rate of GST on watches costing more than Rs. 25,000 and shoes costing more than Rs. 15,000.