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GST Council Meeting Today: Key Decisions on Tax Rates Expected

GST

The **55th GST Council Meeting** is set to commence shortly in **Jaisalmer, Rajasthan**, with Finance Minister **Nirmala Sitharaman** and finance ministers from various states in attendance. The meeting will address critical issues, including potential changes to GST rates on a range of products and services.

### Key Focus Areas

Among the sectors awaiting today’s decisions, the **insurance sector** stands out. Sources suggest that GST rates on **life and health insurance** might be reduced, offering much-needed relief to consumers. Conversely, **luxury products** may see a hike in GST rates. Discussions are also expected on bringing **Aviation Turbine Fuel (ATF)** under the GST framework, a topic that has garnered significant attention.

### Discussion on 148 Items

The council will reportedly deliberate on GST rates for **148 items**, including: - **Electric Vehicles (EVs):** GST rates may increase. - **Small Petrol and Diesel Cars:** Current GST of 12% could be raised to **18%**.

### Potential Relief Measures

Sources indicate several consumer-friendly proposals are on the table: - **Term Life Insurance:** GST may be removed entirely. - **Senior Citizens' Health Insurance:** Premiums could become GST-free. - **Health Insurance up to ₹5 Lakhs:** Substantial GST relief is expected. - **Packaged Drinking Water (20L+):** GST might be reduced from **18% to 5%**. - **Bicycles:** GST could drop from **12% to 5%**.

### Items Likely to Become Costlier

Reports suggest an increase in GST rates for luxury products, including: - **Watches (₹25,000+):** GST may rise from **18% to 28%**. - **Footwear (₹15,000+):** GST might increase from **18% to 28%**. - **Ready-Made Garments:** - Items priced ₹1,500 may see GST rise by 5%. - Garments priced ₹1,500 to ₹10,000 could be taxed at **18%**. - Garments over ₹10,000 may fall under the **28% GST slab**.

### Anticipated Decisions

The meeting is expected to deliver impactful decisions that will affect everyday items, luxury products, and insurance services. Businesses and consumers alike are watching closely to see which products become more affordable and which become pricier. Stay tuned for updates on the outcomes of the **GST Council Meeting**.

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