Union Finance Minister Announces States' Decision

In a recent media briefing following the 55th GST Council meeting, Union Finance Minister Nirmala Sitharaman announced that states have rejected the proposal to include aviation turbine fuel (ATF) within the GST framework. The minister explained that states were hesitant as they view ATF as part of the crude petroleum diesel category, making it difficult to isolate.

Additionally, Sitharaman indicated that the decision regarding GST reduction on insurance premiums remains pending, as the Group of Ministers (GoM) requires additional time for analysis. The minister mentioned that several inputs, including feedback from the insurance regulator IRDAI, are still awaited.

GST Council Postpones Rate Rationalisation Decisions

Meanwhile, the GST Council has postponed rate rationalisation decisions, citing the GoM's need for a thorough assessment. However, the Council provided recommendations for GST rate adjustments on specific items, including fortified rice kernels and gene therapy.