GST Council Meeting Latest Update: The ongoing 55th GST Council meeting in Jaisalmer is focusing on important tax issues, including AAC blocks, fortified rice and Revised for Flavored Popcorn Categories.
According to ET’s Deepshikha Sekarwar, the GSR Council has decided that autoclaved aerated concrete blocks containing more than 50% fly ash will be classified under HS code 6815, reducing the GST rate from the previous 18%. will be 12%.
In the meeting led by Finance Minister… Nirmala Sita RamanThe GST Council has approved an increase in the rate from 12 percent to 18 percent for transactions related to the sale of old and used cars, including electric vehicles, sources said.
The GST Council has chosen to streamline the tax structure for fortified rice by applying a uniform 5% rate, irrespective of its intended use, eliminating previous complications, the report said. , the report said.
Regarding ready-to-eat popcorn tax, the council clarified that salted and spiced popcorn, like snacks, is subject to 5% GST when sold unpackaged and 12% GST when prepackaged and labelled. T will take.
However, sugar-coated varieties such as caramel popcorn, classified as confectionery under HS 1704 90 90, will attract 18% GST.
The GST Council has deferred decisions on insurance related issues for further review due to lack of consensus during Group of Ministers discussions on the subject.