📢 𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝟱𝟱𝘁𝗵 𝗚𝗦𝗧 𝗖𝗼𝘂𝗻𝗰𝗶𝗹 𝗠𝗲𝗲𝘁𝗶𝗻𝗴 📢 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: Reduction of GST on Fortified Rice Kernel (FRK) to 5%. Gene Therapy fully exempted from GST. No GST on vouchers, treated as neither goods nor services.

🔍 𝗙𝗮𝗰𝘁𝘀: 𝗗𝗮𝘁𝗲: 21 December 2024 𝗟𝗼𝗰𝗮𝘁𝗶𝗼𝗻: Jaisalmer, Rajasthan 𝗖𝗵𝗮𝗶𝗿𝗽𝗲𝗿𝘀𝗼𝗻: Union Finance Minister Smt. Nirmala Sitharaman Attended by key ministers and state officials to deliberate on tax reforms and trade facilitation.

⚖ 𝗥𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀: 𝗚𝗼𝗼𝗱𝘀: IGST exemptions on LRSAM system parts and equipment. Compensation cess reduced to 0.1% for merchant exporters.

𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀: Exemption for contributions by insurance companies to Motor Vehicle Accident Fund. No GST on penal charges levied by banks and NBFCs.

𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: Late fee waiver for GSTR-9C filings from FY 2017-18 to 2022-23 if filed by March 31, 2025. Introduction of a Track and Trace Mechanism for tax evasion-prone commodities.

𝗠𝗶𝘀𝗰𝗲𝗹𝗹𝗮𝗻𝗲𝗼𝘂𝘀: GST at 18% on used vehicles based on margin; 12% for ACC blocks with >50% fly ash. Popcorn classified at 5%-18% GST depending on preparation.

📜 𝗖𝗼𝗻𝗰𝗹𝘂𝘀𝗶𝗼𝗻: The recommendations aim to streamline compliance, provide tax relief, and clarify ambiguities in GST laws. Implementation will follow via official circulars and notifications. 𝗜𝘀𝘀𝘂𝗲𝗱 𝗯𝘆: Ministry of Finance, Government of India