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GST Rate Rationalization UPSC NOTE

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  Why in news  A new Group of Ministers (GoM) has been formed to review the 18% GST levy on health and life insurance premiums . The GoM ha...

 Why in news 

  • A new Group of Ministers (GoM) has been formed to review the 18% GST levy on health and life insurance premiums.

  • The GoM has been given a strict deadline of 50 days to submit its recommendations.

  • The GoM will examine issues like reducing or abolishing the tax, exemptions for individuals and groups, and treatment of group insurance policies.

GST Rate Rationalization

  • The existing ministerial group on rate rationalization will be expanded to include more members to specifically review insurance taxation.

  • The panel will meet on September 23 to discuss its broader mandate.

  • New GoM: A new ministerial group will deliberate on the future of the GST Compensation Cess.

  • The cess has been extended till March 2026 to repay special borrowings.

  • The borrowings are expected to be repaid by the end of 2025 or January 2026.

  • The GoM will assess if the cess should continue in some form or be abolished.

Other Revisions

  • GST rate on three cancer drugs reduced from 12% to 5%.

  • GST rate on car seat covers increased from 18% to 28%.

  • GST rate on some extruded savory snacks reduced from 18% to 12%.

  • The GoM on real estate issues will examine factoring in land costs while assessing the value of construction services.

Other Issues

  • GST demands on universities for research funds were exempted.

  • GST demands on foreign airlines for import of services through branch offices were exempted.

  • Funds given for research to State-affiliated universities will be exempt from GST.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: GST Rate Rationalization UPSC NOTE
GST Rate Rationalization UPSC NOTE
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