55th GST Council Meeting: Why This Changes Everything
Welcome to GST Insights! 🎯
In this video, we break down the highlights of the 55th GST Council Meeting, explaining key decisions and their impact on everyday life. GST is a critical topic that affects every Indian, and understanding these updates can help you navigate changes better.
What You'll Learn:
1. GST and Its Impact:
How tax rates influence the cost of goods, services, and government revenue.
2. GST Council Overview:
A brief about the GST Council, its constitutional basis under Article 279A, and its role in setting GST rates.
3. Key Decisions from the 55th Meeting:
Popcorn GST Debate: Different tax rates for unpacked, packed, and caramel popcorn.
Gene Therapy Exemption: Tax-free gene therapy for life-threatening diseases.
Health Insurance: The unchanged 18% GST on premiums.
Used EV Taxation: New EVs taxed at 5% but second-hand EVs taxed at 18%.
Calamity Cess Proposal: How it may affect disaster-stricken citizens.
4. Positive Updates:
Tax relief for farmers on black pepper and raisins.
Tax exemption for skill development programs.
Reduced GST on fortified rice.
Why It Matters:
Understanding these decisions helps common citizens know how GST impacts their day-to-day expenses, savings, and business opportunities.
If you have any questions or need personalized advice, feel free to contact us at YourFinanceGuide.
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