GST Council Meeting: Sweet popcorn to attract 18% rate, decision on insurance products deferred

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the 55th meeting of the GST Council in Jaisalmer, Rajasthan, on Saturday. Union Minister for State for Finance Pankaj Chaudhary along with Chief Ministers of Goa, Haryana, Jammu and Kashmir, Meghalaya and Odisha, Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, Rajasthan and Telangana, and the Finance Ministers of States and UTs were in attendance at the event, among other officials. 

Here are some of the key takeaways from the 55th meeting of the GST Council:

• Decision on insurance products deferred for further study  

• Popcorn mixed with sugar/caramel to attract 18 per cent GST

• Popcorn mixed with salt and/or pepper to attract 5 per cent GST

• Autoclaved aerated concrete (ACC) with more than 50 per cent fly ash to attract 12 per cent GST 

• Fortified rice kernels to now attract 5 per cent GST instead of 18 per cent

In its last meeting, in September, the GST Council decided on taxes impacting a number of items and services including certain drugs, snacks, auto parts as well as passenger transport via helicopters.