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55th GST Council Meeting
December 27 , 2024
12 hrs 0 min
64
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- The 55th GST Council met under the Union Finance Minister for in Jaisalmer, Rajasthan.
- The Council recommended a reduction in the GST rate on Fortified Rice Kernel (FRK) to 5%.
- It also announced a full exemption of GST on gene therapy.
- The Council clarified that no GST would be levied on the transactions involving vouchers, as they are neither classified as goods nor services.
- The penal charges levied by the banks and NBFCs for non-compliance with loan terms would not attract GST.
- It proposed lowering the pre-deposit amount required for appeals related solely to penalties, reducing it to 10% from the earlier 25%.
- The concessional 5% GST rate on food inputs used for free distribution under government programs will continue.
- Increased the GST rate from 12% to 18 % on sale of all old and used vehicles.
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