Govt likely to discuss rate rationalisation, simplification, compensation cess – Details
The government will soon conduct the 56th Goods and Services Tax (GST ) Council Meeting to discuss rate rationalisation, simplification & compensation cess, according to sources. Meanwhile, it should be noted that the Telecom Ministry did not send any proposal regarding AGR dues against Vodafone Idea and Sunil Mittal led telecom giant Airtel Bharti.
The last GST Council Meeting took place in December 2024. Union Minister Nirmala Sitharaman announced that the council has decided to reduce the rate on fortified rice kernels to 5 per cent from 18 per cent.
"Similarly, the concessional 5 per cent GST is applicable on inputs of food preparations that are supplied for free distribution to economically weaker sections under government programs subject to existing conditions; so this is also an extension of the 5 per cent rate that prevails," she said.
"...Reduction in rate of Fortified rice kernels to 5%...Gene therapy which is very critical for life-saving diseases has been exempt. Long Range Surface to Air Missile (LR-SAM) system is very important in defence. We have decided to extend the IGST exemption which is provided to systems, sub-systems, equipment, tools, software. The exemption is further extended...," said the FM at the press briefing of the GST Council Meeting.
