Union Finance Minister Nirmala Sitharaman chairs the 55th meeting of the GST Council, in Jaisalmer, on December 21, 2024. | Photo credit: PTI
Finance Minister Nirmala Sitharaman said on Saturday (Dec 21, 2024) that the states do not agree to bring aviation turbine fuel under the ambit of Goods and Services Tax.
“States did not feel comfortable. They didn’t want the ATF because they saw it as part of the crude oil diesel basket, and so they said it just can’t be taken out, and that’s why it stays where it is. she said while briefing the media about the outcome of the 55th meeting of the GST Council in Jaisalmer.
Moreover, she said, no decision was taken regarding the reduction of VAT on insurance premiums as the Group of Ministers (GoM) needed more time to study the issue.
Many inputs are expected, including from insurance regulator IRDAI, she said.
She further said that the GST Council has also postponed the decision regarding rate rationalization as the government needs more time for a comprehensive study.
However, the Council has made suggestions regarding revision of GST rates on various issues including fortified rice grains and gene therapy.
Published – Dec 21, 2024 8:11 PM IST
