Key Points Discussed in GST Council Meet

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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

Medical Insurance Premium

The GST rate on medical insurance premiums for senior citizens has been reduced, offering some relief  to an ageing population.

2

Rate Rationalisation

The council addressed the issue  of tax rate rationalisation across various goods and services.

3

Corporate Guarantees

It was determined that no GST will be charged on financial guarantees provided between related entities.

4

Definition of Sports Goods

The Council expanded the definition of sports goods to make several more items eligible for lower GST rates.

5

Compliance Simplifications

The Council has decided to further simplify compliance processes for businesses, especially MSMEs.

6

E-Invoicing

The threshold limit for mandatory e-invoicing has been lowered, making it applicable to more businesses.

7

Tax on Online Gaming and Casino

The Council also discussed levying a uniform 28% GST on online gaming, betting, and casinos.