Rules for IMS have been prepared by the GST law committee. Businesses, particularly MSMEs, may face additional costs for IT upgrades and integrating IMS into their systems

Another significant topic for discussion is a potential tax cut on food delivery services. Reports indicate that the GST Council may lower the tax on food delivery charges by e-commerce platforms from 18 per cent to 5 per cent, effective from January 1, 2024.

The GST Council is set to review a proposal that could increase the tax on used electric vehicles (EVs) and smaller petrol and diesel cars from 12% to 18% at its December 2024 meeting in Rajasthan.

The Council is also likely to discuss GST hike for small petrol and diesel cars to 18% from 12%, the channel reported

While EVs currently enjoy a concessional 5% GST rate when sold new to promote the sunrise sector, their reclassification under the 18% slab when resold could make second-hand EVs less attractive to buyers.