The latest GST Council meeting brought forward several important decisions and clarifications on Goods and Services Tax regulations, here are some things to know.
1
The GST rate on medical insurance premiums for senior citizens has been reduced, offering some relief to an ageing population.
2
The council addressed the issue of tax rate rationalisation across various goods and services.
3
It was determined that no GST will be charged on financial guarantees provided between related entities.
4
The Council expanded the definition of sports goods to make several more items eligible for lower GST rates.
5
The Council has decided to further simplify compliance processes for businesses, especially MSMEs.
6
The threshold limit for mandatory e-invoicing has been lowered, making it applicable to more businesses.
7
The Council also discussed levying a uniform 28% GST on online gaming, betting, and casinos.