Tag: GST on luxury goods

GST Council Meeting Live Updates: Insurance talks deferred over lack of consensus

[ad_1] 55th GST Council Meeting Live Updates: Proposals to reduce GST rates on insurance premiums are on the table, while increases for luxury and sin goods are likely. A critical agenda item is the potential inclusion of ATF under GST, which could standardise taxation and allow airlines to claim input tax credit (ITC). GST Council […]

Adding goods to higher GST brackets is problematic, say experts – CNBC TV18

[ad_1] The Group of Ministers (GoM) formed by the GST Council has reportedly suggested introducing a “special rate” of 35% for tobacco and aerated beverages. At present, most tobacco products fall under the 28% GST slab, with the exception of tobacco leaves, which are taxed at 5% under the reverse charge mechanism. The GoM has also […]

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