Expectation Inputs on 55th GST Council Meeting by Maulik Manakiwala, Partner, Indirect Tax, BDO India
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Below the Expectation Inputs on 55th GST Council Meeting by Maulik Manakiwala, Partner, Indirect Tax, BDO India
1. Key expectations from the meeting - One of the major expectations from the 55th GST Council meeting is the reduction of GST incidence on health insurance and term insurance. While a relief on the rate of GST on health insurance is widely expected, the form and quantum of relief is something that the Council would need to decide. In addition to these, the GST Council is also likely to consider amending the GST rates on some products, such as a reduction in the rate for exercise notebooks, and bicycles costing less than Rs. 10,000 and increasing the rate of GST on watches costing more than Rs. 25,000 and shoes costing more than Rs. 15,000.
2. Expected key areas of discussion - The GST Council is also expected to consider the inputs of the GoM on rate rationalization on the overall GST rate structure, in light of the overall GST collections. The GST Council may also consider the status of the setting up of the GST Appellate Tribunal.
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