GST Council 55th Meeting: The 55th meeting of the GST Council will be held today, i.e. December 21, in Jaisalmer, Rajasthan. Finance Minister Nirmala Sitharaman and other finance ministers from other states will also be present at this meeting. The sectors that are looking at interesting include the insurance sector.
ITaxescan can be reduced on many items and imposed on others. The Group of Ministers (GOM) has proposed changing the rates of 148 items. In today’s meeting with the GST Council, a decision can be made to reduce the tax rates on life and health insurance premiums.
life insurance GST rate
It is being said that the GST on term life insurance can be removed in today’s GST Council meeting in today’s GST Council meeting. At the same time, the health insurance premium of senior citizens can also be made GST-free. If media reports are to be believed, people taking up to Rs 5 lakh health insurance can also get an exemption from GST.
On the other hand, GST on packaged water of 20 litres or more can be reduced from 18 per cent to 5 per cent. At the same time, GST on bicycles can be reduced from 12 per cent to 5 per cent.
online food orders Gst
Food distribution platforms like Swiggy and Zomato can also reduce GST rates. It has been proposed that it be reduced from 18 per cent to 5 per cent.
GST proposal on clothes and shoeFive
Five per cent GST can be levied on readymade garments, which cost Rs 1500.
One per cent GST can be levied on clothes costing from Rs 1500 to Rs 10,000.
Currently, 5% GST is levied on clothes up to Rs 1,000.