Question
The GST on used car sales is ____ as per the 55th GST
council meeting decisions taken in December 2024.Solution
The apex body in charge of the indirect tax regime, the GST Council at its 55th meeting on December 21, 2024, took the following decisions:
- raising the levies on used car sales, including electric vehicles, to 18% from 12%
- sweetened or caramelised popcorn to be taxed at 18%, and levy 5% on the salty and spicy varieties that are not pre-packed and labelled, and 12% for labelled and pre-packaged savoury popcorn
- reduction in the GST levy on fortified rice kernels that are supplied with an intent to pass them on the public distribution system (PDS) to benefit the poor, to 5% from 18%.
- Gene therapy, that is now critical for dealing with life-threatening diseases, totally exempted from GST
- long-range surface to air missiles (LRSAMs) very important in defence - to extend the exemption on the systems, sub-systems, equipment, parts, sub-parts, tools, test equipment and software meant for their assembly or manufacture from Integrated GST levies.
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