GST Council in August may decide on rate rationalisation
According to sources, the key issues likely to be taken up during the 56th GST Council meeting include rate rationalisation, GST on life and health insurance as well as restructuring of the Compensation cess. The council may also announce the rollout of GST Appellate Tribunal – announcement of benches, locations and timelines.
On rate rationalization, the expectation is that the Council may finally give a go-ahead to the merger of 12% rate with 18%, and reduce the number of tax slabs to four from existing five (0%, 5%, 12%, 18% and 28%). However, the Group of Ministers (GoM) on rate rationalisation is yet to submit its report.
As part of the larger rationalization exercise, the council is also expected to take a decision on merging compensation cess with existing GST rates. Compensation cess, which was implemented in order to compensate states for revenue losses due to GST, will be in effect till 31 March 2026.
The Council meeting in August may also take a decision on lowering the GST on life and health insurance. A group of ministers (GoM) formed to look into the issue has reportedly recommended no GST on health insurance premium where the sum insured is up to Rs 5 lakh. For all other health insurance policies, the GoM has proposed an 18% GST.
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