GST Council meeting: Big-ticket rate rationalisation may require more discussions
The upcoming meeting of the Goods and Services Tax (GST) Council later this month is expected to bring relief on premium of specified health and life insurance products as well as a gamut of other products but a decision on big ticket rate rationalisation could take some time.
According to sources, a decision on the compensation cess could also take longer as the Group of Ministers is expected to provide a status report on the issue as of now.
The GST Council, headed by Union Finance Minister Nirmala Sitharaman, and members from all states and union territories, is scheduled to meet in Jaisalmer on December 21.
“It is likely that the GST Council could take a decision on providing relief from GST on premium of specified health and life insurance products. However, with revenue considerations remaining a priority for most states, any decision on a large-scale rate rationalisation may not happen at one go,” said a source familiar with the development.
