The GST Council is set to decide on reducing tax rates on life and health insurance premiums, high-end wristwatches, shoes, and apparels, and a separate 35% tax slab for sin goods at its 55th meeting on Dec 21, 2024.
The Council, chaired by Union Finance Minister Nirmala Sitharaman, will discuss rate rejig in 148 items and consider bringing Aviation Turbine Fuel (ATF), a significant component of the airline industry’s operation cost, into the Goods and Services Tax (GST) fold. Which can effect aviation industry positive hopefully.
The proposed changes are expected to be implemented in the upcoming meeting which will be held in new year 2025.
GST COUNCIL MEETING TODAY, FM- GST COUNCIL MEETING DEC 2024, REDUCED PREMIUM ON HEALTH INSURANCE