GST Relief for Micro and Small Units
The GST Council has approved an exemption for micro and small units renting properties from unregistered individuals under the composition scheme. This move aims to provide relief to small businesses and streamline compliance for these units.
Revised GST Rates on Popcorn
The Council introduced differential GST rates for popcorn based on its preparation and packaging: 5% GST for ready-to-eat popcorn mixed with salt and spices, provided it is not pre-packaged.12% GST for pre-packaged and labeled popcorn.18% GST for caramel-flavored popcorn.
Tax on Fortified Rice Kernels
A uniform 5% GST rate was set for fortified rice kernels, irrespective of their intended use. This decision supports the accessibility of fortified food products.
Deferred Proposal on Insurance GST
The proposal to revise GST rates on insurance policies was deferred. The Council decided to deliberate further on this matter in future meetings.
Increased GST on Used EVs and Small Cars
The GST rate for the sale of old and used electric vehicles (EVs), as well as smaller petrol and diesel cars, has been increased from 12% to 18%. This change aims to align tax rates across categories and boost revenue collection.
