The 55th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, introduced new GST exemptions targeting specific sectors to provide clarity and relief.
Key GST exemptions updates:
- Payment aggregators:
- Payment aggregators handling transactions below ₹2,000 will now be exempted from GST.
- This exemption is limited to payment aggregators alone and does not include payment gateways or other fintech services.
- Agricultural supplies:
- Black pepper and raisins, when supplied by agriculturalists, will be exempted from GST.
- This clarification ensures no GST liability for these items when sourced directly from farmers.
These exemptions reflect the Council’s efforts to address industry concerns and simplify GST compliance for specific sectors. Further decisions from the meeting are awaited.
