GST Council meet: From no GST on penal charges by banks, NBFCs for loan defaults to no consensus on ATF, here are top 10 outcomes

The GST Council lowered the compensation cess rate for merchant exporters to 0.1% and reduced the tax on fortified rice kernels to 5%. The exemption for missile parts was extended. Clarification was issued on popcorn taxation, with pre-packed, ready-to-eat varieties at 12% and caramelized versions at 18%.