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GST Council Holds 55th Meeting in Jaisalmer Under Nirmala Sitharaman's Leadership.

Committies and Meeting | Dated: 27 Dec 2024

The 55th Goods and Services Tax (GST) Council meeting, chaired by Union Minister Nirmala Sitharaman (Ministry of Finance and Ministry of Corporate Affairs), took place on December 21, 2024, in Jaisalmer, Rajasthan.

🎯 Key Highlights:

  • - Among the key recommendations by the GST Council, the highlight was the reduction of the GST rate on Fortified Rice Kernels (FRK) to 5%.

💡 Other Important Facts:

  • (i) The Council approved a complete GST exemption for gene therapy, aiming to enhance accessibility to advanced medical treatments.
  • (ii) The Council resolved to lower the compensation cess rate on supplies to merchant exporters to 0.1%.
  • (iii) The GST Council approved a GST exemption on contributions made by general insurance companies from third-party motor vehicle premiums to the Motor Vehicle Accident Fund (MVA Fund).

📚 Test Your Knowledge:

Who recently chaired the 55th GST Council meeting held in Jaisalmer, Rajasthan?

Correct Answer: Nirmala Sitharaman

🚀 Quick Recap:

About Goods and Services Tax (GST) Council

  • Chairperson : Nirmala Sitharaman
  • located : New Delhi