During the 55th GST Council meeting, Union Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax on rice kernels has been reduced from 18% to 5%, while life-saving gene therapy will now be exempt from tax. Additionally, parts used in manufacturing surface-to-air missiles will continue to be exempt from GST. However, the tax rate on caramelised popcorn has been increased to 18%, citing its harmful effects on health. The Finance Minister also clarified that payment aggregators will be eligible for exemptions, but this does not apply to payment gateways and fintech services.
Background:
The Goods and Services Tax (GST) is a comprehensive indirect tax system introduced in India in 2017. It replaced multiple indirect taxes levied by the central and state governments. GST rates vary based on the categorisation of goods and services.
Latest GST Council Decisions:
During the 55th GST Council meeting, several revisions to the GST rates were announced. Key highlights include:
Rationale for Changes:
The GST Council's decisions aim to balance revenue generation with the promotion of essential services and economic growth.
Top 5 FAQs and Answers:
Q: Why was the GST rate on caramelised popcorn increased? A: The GST Council cited concerns about its harmful effects on health, particularly for children.
Q: What is the impact of the GST exemption for life-saving gene therapy? A: It will make these essential treatments more affordable for patients.
Q: How do the GST updates affect rice farmers? A: The reduced GST rate on rice kernels is expected to benefit farmers by increasing the market demand for their produce.
Q: What is the difference between payment aggregators and payment gateways in terms of GST? A: Payment aggregators are eligible for GST exemptions, while payment gateways and fintech services are not.
Q: How has GST affected the healthcare industry? A: GST has simplified the tax regime for healthcare services, making it more efficient and reducing complexities for hospitals and clinics.
Amid uncertainty and concerns about the displacement of lakhs of Dharavi locals, the controversial Dharavi Development Project has become a major issue in Maharashtra's election politics. The Adani Group's involvement has raised questions about the prioritization of profit over people. With locals taking to the streets to protest the project, The News Minute's Pooja Prasanna investigates the consequences and dynamics underlying the contentious redevelopment.
Despite long-standing interest from Arsenal, Newcastle United's manager, Eddie Howe, is confident that Alexander Isak will remain at the club. The Sweden international recently scored a hat-trick in their match against Ipswich Town, showcasing his goalscoring abilities and attracting more attention from top clubs. However, Howe remains determined to keep Isak and build a successful team around him, with no plans to let him leave anytime soon. Talks of a potential contract extension are also being put on hold for now, as there is no urgency to get a new deal done.
In the 55th GST Council meeting, the latest changes to GST rates were announced for various items. Ready-to-eat popcorn will now have varying GST rates depending on how it is prepared and sold. Pre-packaged popcorn will have a higher GST rate of 12%, while popcorn sold loose will have a lower rate of 5%. In the automotive sector, the GST rate for used cars sold by businesses will be increased from 12% to 18%. Additionally, vouchers will not be considered goods or services, and hence, will not be subject to GST.
In an effort to bring joy and togetherness to the holiday season, Amazon India has announced the 8th edition of its Holiday Toy List. The thoughtfully curated store features over 1.6 million products from more than 10,000 brands, including popular options like LEGO, Hot Wheels, and Hasbro. Director Rajarshi Guin states that the store is focused on elevating the gifting experience for families and gift-givers, making every gift an unforgettable highlight of the season.
Bajaj Auto, the Pune-based motorcycle specialist, has introduced the new 35 Series of the popular Chetak electric scooter with three variants. With a starting price of Rs 1.27 lakh, the feature-loaded 3501 variant aims to compete with its counterparts like TVS iQube, Ola S1, and Ather Rizta in the Indian market. With the customer-friendly delivery schedule, Bajaj Auto is confident to retain its leadership position in the electric two-wheeler segment. This strategic move by the company not only caters to the needs of young riders but also showcases its commitment to providing cutting-edge technology with neo-classic style.
Amidst all the excitement surrounding Trump's U.S. election victory, fund manager Sean Peche is urging investors to take a closer look at Europe. According to Peche, there are some "very attractively priced" companies in the region that have been overshadowed by the Trump euphoria. Peche believes that stocks such as French bank BNP Paribas and Dutch investment bank ABN Amro, with consistent growth and high dividends, are being ignored by investors. He also points out "attractive" stocks in the UK, such as Associated British Foods, which owns retail giant Primark. While political turmoil in France and the UK may raise concerns, Peche remains unfazed and advises against overlooking these opportunities.
The city of Pune, India has seen a sharp rise in tree falling incidents despite efforts to increase the green cover. Data from the Pune Municipal Corporation's Fire Department revealed that in the past four years, tree falling incidents have increased, with 1,664 cases reported from January to November of this year. Experts and activists have cited the covering of tree bases with paver blocks and concretisation around their roots as the main reasons for this rise. The PMC's Garden Department and Tree Authority Department have been blamed for their neglect in upkeep and the imbalance caused by construction near tree bases. Exotic species are particularly vulnerable to these incidents, while indigenous trees are sturdier and fall less frequently. Urgent measures need to be taken to address this issue and protect Pune's urban trees.
As the festive season approaches, the ultra-wealthy are sparing no expense to make their Christmas celebrations the most extravagant and lavish affair. From imported Christmas trees and crystal baubles to private Santas and bespoke decorations, no detail is overlooked in creating a truly opulent experience. With yacht parties, luxurious gifts, and even private islands on the itinerary, it's clear that for the elite, Christmas is not just a holiday, but an opportunity to indulge in unparalleled luxury and excess.
The much-awaited Disney Live Action film, Mufasa: The Lion King has kicked off with a great start at the Indian box office, collecting Rs. 9 to 9.50 crores on its opening day. The Telugu version has been the top performer, followed by the Hindi version due to Shah Rukh Khan's voiceover, and the film is expected to enter the coveted Rs. 100 crore club with the support of family audiences during the holiday season. However, it faces tough competition from the South Indian film Pushpa 2, which has also grossed around Rs. 12 crores on the first day.