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Business News/ Economy / Economy News Today highlights on December 21, 2024: GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns
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Economy News Today highlights on December 21, 2024: GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns

Economy News Today highlights on December 21, 2024: From key announcements to major events impacting the micro and macro economy of the country and the world, this platform provides you with all the latest updates on the economy.

Economy News Today Live Updates: GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcornsPremium
Economy News Today Live Updates: GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns

Economy News Today highlights on December 21, 2024: Stay informed with the latest information and news about the Indian economy, world economy, global indicators, government policy for the economy, and real-time insights on dynamic GDP growth with our live coverage. LiveMint is the one-stop hub for those looking for the latest economic news and willing to understand the intricacies and details of their impact on our daily lives. Catch real-time updates here.

Disclaimer: This is an AI-generated live blog and has not been edited by LiveMint staff.

21 Dec 2024, 10:52:43 PM IST

Economy News Today Live: GST Council exempts gene therapy, banks’ penal charges from tax; clarifies taxation of used vehicles, popcorns

  • The GST Council, led by Finance Minister Nirmala Sitharaman, has exempted costly cancer gene therapy and bank penal charges from GST. It also clarified tax rates on popcorn and used vehicles, promoting electric vehicle sales and simplifying registration for small businesses.
Read the full story here

21 Dec 2024, 09:31:09 PM IST

Economy News Today Live: Why caramel popcorn has a different GST rate from salted - Explained

  • Popcorn GST: FM Sitharaman explains why caramel popcorn have a different GST rate
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21 Dec 2024, 08:58:26 PM IST

Economy News Today Live: Arvind Subramanian refers GST Council's decision as ‘national tragedy’, says violates spirit of ‘Good & Simple Tax’

  • Chaired by Union Finance Minister Nirmala Sitharaman, the GST Council recommended 5 per cent GST on ready-to-eat popcorn mixed with salt and spices if not pre-packaged, 12 per cent on pre-packaged and labelled, and 18 per cent on caramel popcorn.
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21 Dec 2024, 07:56:52 PM IST

Economy News Today Live: Butter chicken at 28% GST? Ingredient-based popcorn tax sparks ire, analyst says ‘next will be restaurant food menu’

  • The GST Council introduced a new taxation plan for popcorn and snacks, facing backlash on social media. Analyst Gurmeet Chadha criticized politicians for their handling of GST while many on the internet expressed their discontent through memes.
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21 Dec 2024, 07:56:30 PM IST

Economy News Today Live: GST Council meeting: 18% tax on caramelised popcorn, netizens share memes saying, went to Jaisalmer to discuss popcorns

  • The GST Council meeting in Jaisalmer set a 12% tax on pre-packed snacks and 18% on caramelised popcorn, while reducing the tax on fortified rice kernels to 5%. Social media reacted with memes criticizing the council's focus on popcorn taxation.
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21 Dec 2024, 07:12:56 PM IST

Economy News Today Live: From Popcorn to rice kernels - here's what will cheaper or dearer after 55th GST Council Meeting decisions

  • GST Council Meeting:
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21 Dec 2024, 06:24:47 PM IST

Economy News Today Live: US Fed reverse repo facility balances sink below $100 billion from record high after lowering RRP by 5 bps to 4.25%

  • US Fed reverse repo facility balances sink below $100 billion from record high after lowering RRP by 5 bps to 4.25%
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21 Dec 2024, 02:48:00 PM IST

Economy News Today Live: GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, sweet popcorn to attract 18% tax

  • GST Council Meeting Highlights: 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%.
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21 Dec 2024, 01:26:38 PM IST

Economy News Today Live: GST Council defers decision on tax cuts for health, life insurance policies

  • GST Council defers decision on tax cuts for health, life insurance policies
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21 Dec 2024, 10:48:19 AM IST

Economy News Today Live: GST Council 55th Meeting in Jaisalmer: FM Nirmala Sitharaman to discuss potential revisions in insurance, aviation taxes

  • The inclusion of ATF under GST, if approved, could bring uniformity in taxation across states and allow airlines to claim input tax credit (ITC) on fuel purchases—addressing a long-standing demand from the aviation sector.
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21 Dec 2024, 05:16:35 AM IST

Economy News Today Live: RBI MPC Minutes: India's inflation-growth balance unsettled, food CPI to moderate in Q4; 5 key highlights

  • RBI MPC Minutes: Shaktikanta Das, and three other members of the rate-setting panel -- voted in favour of keeping the repo rate at 6.25 per cent, while the other two members favoured a reduction in the rate.
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