- The 56th GST Council Meeting proposed major changes including a simplified 2-rate tax structure with a standard rate of 18% and a merit rate of 5%, and a special de-merit rate of 40% for select goods. GST exemptions were proposed for individual life and health insurance policies. Significant GST reductions were suggested for common items, food products, medical supplies, and various goods and services, including a reduction to NIL for certain lifesaving drugs and foods. The meeting also addressed inverted duty structures in textiles and fertilizers, and proposed uniform rates for auto parts and reductions for renewable energy devices and hotel accommodations.
Source: argus-p.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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