GST Council to decide on cutting taxes on insurance premium, rate rejig on host of items
The HinduThe GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35% tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising State counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel, a major component for airline industry's operation cost, in the Goods and Services Tax fold. The four-tier tax slab of 5, 12, 18 and 28 per cent under GST will continue and a new rate of 35% is proposed by the GoM only for sin goods. The GoM had proposed reducing GST on packaged drinking water of 20 litre and above to 5 per cent from 18%, and reducing tax rate on bicycles costing less than ₹10,000 to 5%, from 12%.