Key announcement of 55th GST Council of India

on

55th Meeting of the GST Council of India held on December 21,2024.Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the meeting conducted in Jaisalmer, Rajasthan.The council recommended :-

  1. Reduction in GST rate on Fortified Rice Kernel (FRK).
  2. To fully exempt GST on gene therapy
  3. Exemption of GST on contributions by general insurance companies from third-party motor vehicle premiums for Motor Vehicle Accident Fund
  4. No GST on transaction of vouchers as they are neither supply of goods nor supply of services and the provisions related to vouchers simplified.
  5. Clarified that no GST is payable on ‘penal charges’ levied and collected by banks and NBFCs from borrowers for non-compliance with loan terms
  6. Reduction of payment of pre-deposit for filing an appeal before the Appellate Authority in respect of an order passed which involves only penalty amount.