The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman in Jaisalmer, Rajasthan, introduced several updates to the taxation framework while deferring discussions on GST restructuring for insurance products.

Highlights of the meeting

• The meeting was chaired by Finance Minister Nirmala Sitharaman. 
• GST Council has given approval for a new registration process for small firms.
• Gene therapy has been totally exempted from the GST, Sitahraman stated.
• Popcorn Taxation: Popcorn with salt and spices (if unpackaged) will attract 5% GST, pre-packaged popcorn will have a 12% GST rate, and caramel-coated popcorn will be taxed at 18%.
• Fortified Rice Kernels: The GST rate was standardized at 5%, down from the previous 18%, regardless of end use.
• Autoclaved Aerated Concrete (ACC) Blocks: ACC blocks containing more than 50% fly ash will now attract 12% GST, reduced from 18%.
• Used Cars and EVs: The Council approved increasing GST on the sale of old and used cars, including smaller petrol/diesel vehicles and electric vehicles, to 18% from the earlier 12%.