00:00I just want to highlight the last one, that there is a special rate which is 40%. Actually,
00:10almost all goods are between 18 and 5. If there is any change, they only can shuffle
00:15between the 18 and 5. There is one special rate which is only for sin and super luxury
00:21goods. That special rate of 40% has also been proposed and it's cleared. That will
00:27apply only to paan masala, cigarettes, gutka and other tobacco products such as chewing
00:35tobacco, products like zarda, unmanufactured tobacco and BD. All goods including aerated
00:45waters containing added sugar or other sweetening matter of flavoured, caffeinated beverages, carbonated
00:55beverages of fruit drink or carbonated beverages with fruit juice and other non-alcoholic beverages
01:04excluding those specified at lower rates will all be covered under 40%.
01:10Mid-size and large cars, motorcycles of engine capacity exceeding 350cc, aircraft, for example,
01:22helicopters and aeroplanes for personal use, distinctly for personal use, yacht and other
01:30vessels for pleasure or sports are all under 40%. Insurance services from 18% currently will
01:39go into two, three different categories. I'll say that to you. Exemption of GST on all individual
01:47life insurance policies, whether term life, ULIP or endeavourment policies and reinsurance thereof
01:59to make insurance affordable for common man and increase the insurance coverage in the country.
02:05To look at the GST council as where the centre and the states are seated together. I mentioned this in the
02:12Council also. The centre may be a one-third partner. The states put together can be two-thirds partner.
02:20But we are all in it together. So anything that which is gained or lost is for everybody.
02:28It's not as though states have lost. It's not as though states have lost. The centre is not gained.
02:35If all of us have lost, all of us have lost. If all of us have lost, all of us have lost. And I don't think, and I'm glad that the revenue
02:43secretary had made this point in the Council. It's a revenue instance. It's a revenue instance. The incidence is what is the matter.
02:51And I'm glad that the revenue secretary had made this point in the Council. It's a revenue instance. The incidence is what is the matter.
03:01It's not a static situation. Once the rates have come down, per the economic theory that you may want to quote, the buoyancy goes up. People come out to buy more.
03:22People come out to buy more. And therefore, this discussion has happened in today's Council. And I have put this argument before, that the centre and the states are seated equally.
03:39And any gain or any foregone, none of that is perceived. Because when rates are coming down, we expect the market to be more buoyant people to come out and spend more.
03:51However, all of us are sitting there together. Compensate for state's loss. Even centre is losing. If anything, centre loses more in a way.
04:04Because 50-50, you divide from my 50, another 41 goes back to the states. So I want the media, particularly those who are covering the economy, finance ministry,
04:17to understand in the GST Council, the centre and the states are together in it. Nobody is a donor and nobody is a donee within the GST Council.
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