India's GST Council meets to consider lowering taxes on essentials and raising them on luxuries.

The GST Council will meet on December 21st in Jaisalmer to discuss potential tax changes, including lowering the GST rate on health and life insurance from 12% to 5%. They may also reduce GST on essential items like packaged drinking water and bicycles, while increasing it on luxury items like expensive shoes and watches. These changes aim to provide relief to consumers and may increase government revenue by around Rs 22,000 crore.

November 18, 2024
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