The Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, decided on Saturday to exempt gift vouchers, commonly offered by various sectors like retail, from the tax purview. The council also agreed to impose a uniform 18 per cent tax rate on used cars, including electric vehicles, purchased by businesses. However, it deferred a decision to reduce the insurance product tax rate. Notably, the new tax rate for electric vehicles will not affect individual sellers.
Additionally, the council decided to lower the tax rate on fortified rice kernels from 18 per cent to 5 per cent.
(This is a developing story)
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