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EPFO Rules: Big news related to pension! EPFO ​​said this is the last chance, after this you will not get any benefit

The 55th meeting of the GST Council is being held in Jaisalmer, Rajasthan. Sources say that many important decisions have been taken in this. The confusion regarding the tax on AAC blocks, fortified rice and flavored popcorn has been removed.

New Delhi: The 55th meeting of the GST Council is going on today under the chairmanship of Union Finance Minister Nirmala Sitharaman in Jaisalmer, Rajasthan. According to sources, many important decisions have been taken in it. These include clarity on the tax rates on AAC blocks, fortified rice and flavored popcorn. But the matter of reducing tax on health and life insurance premium has been postponed. No consensus could be reached during the meeting of the group of ministers on this subject. The Council has agreed to clarify that autoclaved aerated concrete (AAC) blocks with more than 50% fly ash content will come under HS code 6815 and a lower GST rate of 12 percent instead of 18 percent will be applicable on them. Also, approval has been given to increase the tax on the sale of used cars by companies from 12% to 18%. This will also apply to EV cars. But this will not apply to the sale and purchase of old cars by individuals. Currently, 12% GST is levied on the purchase and sale of all old and used vehicles including EVs. These do not include petrol vehicles with 1200 cc or more engine capacity and 4000 mm or more in length, diesel vehicles with 1500 cc or more engine capacity and 4000 mm in length and SUVs. GST is levied on these at the rate of 18%. This charge is applicable only on the price that represents the supplier’s margin. That is, the difference between the purchase price and the selling price.

How much tax will be levied on popcorn

There is already 18 per cent GST on the sale of old and used vehicles. But this is applicable when they are sold with a margin and when companies buy them and claim depreciation. Now in similar cases, 18% GST will also be applicable on the sale of EVs and other vehicles. The Council has also recommended simplifying the GST structure on fortified rice. It has been reduced to 5 per cent. Earlier it was decided on the basis of end use.

The GST Council has also clarified the situation regarding the tax levied on ready-to-eat popcorn. According to sources, popcorn mixed with salt and spices will attract 5 per cent GST provided it is supplied in a form other than pre-packaged and labeled. If supplied with pre-packaged packs and labels, then it will attract 12 per cent GST. However, popcorn mixed with sugar (such as caramel popcorn) will attract 18 per cent GST. Meanwhile, the council deferred the decision on insurance-related matters for further scrutiny. No consensus could be reached during the meeting of the group of ministers on the subject.

Tax on voucher transactions

In another important decision, the council clarified that transactions related to vouchers will neither be considered as supply of goods nor services and hence will not face taxation. The group of ministers did not submit its report on rationalisation of rates. Bihar Deputy Chief Minister Samrat Choudhary said that the report will be discussed in the next meeting of the council.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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