*The Key highlights of the 55th GST Council Meeting is as follows:*
1. Fortified Rice Kernels under Specific HSN Code gets GST Rate Cut to 5%
2. GST on Gene Therapy, Life-Saving Drugs to be Fully Exempt
3. GST Council recommends reduction of Compensation Cess to 0.1% on Supplies to Merchant Exports
4. GST Council Meeting exempts IGST on IAEA Samples subjects to Specific Conditions
5. 55th GST Council clarifies Autoclaved Aerated Concrete (AAC) blocks with over 50% fly ash content to attract 12% GST
6. Food Preparation Inputs for Free Supplies to be Exempt from GST
7. Fresh Green and Black Pepper Supplied by Agriculturists not liable to GST
8. Payment Aggregators processing Payments less than Rs. 2000 eligible for GST Exemption
9. Exemption to Payment Aggregators not Applicable to Payment Gateways
10. No GST payable on Penal Charges collected by Banks from Borrower
11. No Decision on Insurance Premium Rate Cuts, Rate Rationalisation
12. Concept Note for Simpler GST Registration Process for Small Companies gets in-principle approval in GST Council Meeting
13. Amends definition of pre packaged and labelled to cover all commodities intended for retail sale
14. “Please Avoid”: Finance Minister advises Media to Rate Cut/Hike Speculations
15. RCM/FCM Applicability on GST imposed on FSI in Realty Sector,GST Council Meeting defers Decision
16. No Agreement to Bring ATF under GST Ambit
17. Training Partners of Skill Training Council to be Exempted from GST
18. Caramelized Popcorn with Added Sugars have to be Treated Differently from Salted (Namkeen) Popcorn
19. Sale of New EVs taxable at 5% GST, Used EVs between Individuals to Remain GST Exempt
20. Margin on Sale of Second Hand EVs to be Taxed at 18% GST.
