Tag: Economic

Highlights The GST Council recently announced new tax rates for popcorn sparking debate online. Mormal popcorn will attract 5% GST, pre-packaged and ready-to-eat snacks will face 12% GST and caramelised popcorn will be taxed at 18% GST. The decision led to a flood of memes and jokes online. In reaction to the decision, a viral Reddit post by a startup founder urged innovators to consider leaving the country. GST Council confirms caramelised popcorn will be taxed at 18% GST. (Image credit - X) At the 55th GST Council meeting on December 21 in Jaisalmer Rajasthan, Finance Minister Nirmala Sitharaman clarified the tax rates for popcorn. The decision left many amused and some exasperated prompting a flood of online memes. The council confirmed that normal popcorn will attract 5% GST, while pre-packaged and ready-to-eat snacks face 12% GST. However, caramelised popcorn will be taxed at a hefty 18% GST. According to the GST Council’s clarification, ready-to-eat popcorn will be taxed at 5%, pre-packaged popcorn will be subject to 12% GST, & caramel popcorn will attract 18% GST. #WATCH#gst #popcorn pic.twitter.com/zHw2xQUnyX — CNBC-TV18 (@CNBCTV18News) December 21, 2024 According to the government, the reason is purely based on the preparation method, which makes all the difference. The Finance Minister explained that Pre-packaged ready-to-eat popcorn is mixed with salts and spices, categorised under ‘namkeen’ category and attracting the 5% and 12% taxation. On the other hand, caramelised popcorns are mixed with sugar, which changes the product category and thus changes the GST rate on them. As per the GST council, it becomes a sugar confectionary after caramelisation, which calls for 18% GST. The decision sparked a meme storm. One netizen joked, “India here acting like their whole economy depends on salted or caramelized popcorn.” Another quipped, “Pani puri khatta 5% GST. Pani puri meetha 18% GST.” A playful dig read, “Chennai sambar is namkeen, hence 5% GST. Bengaluru sambar is sweet, hence 18% GST.” One user humorously remarked, “Hope the FM doesn’t tax memes in the future. Or this account will be gone for good.” EMBED TWEETS- Nirmala tai after watching people order popcorn 😅#GST pic.twitter.com/cu0RB4iOQU — Finance Memes (@Qid_Memez) December 22, 2024 Coming soon.... Chaddi under jeans - 18% GST Chaddi under trousers - 12% GST Chaddi under Dhoti - 5% GST pic.twitter.com/bKwXZCn6oX — Judish Raj🇮🇳 (@JudishRaj) December 21, 2024 Namkeen Vs Sweet pic.twitter.com/TygxxhnLtz — Congress Kerala (@INCKerala) December 22, 2024 Aunty ek meetha puri deejiye 18% GST lagega beta. We treat pani puri with sweet filling little differently pic.twitter.com/3BYeTE6lvz — 𝕲𝖆𝖓𝖊𝖘𝖍 * (@ggganeshh) December 22, 2024 pic.twitter.com/w9qwVaVk5D — Buggy Human (@SridharanAnand) December 21, 2024 Video of this horror movie that you can see while having some popcorn🤠 https://t.co/YfsL8wX9wq pic.twitter.com/jYA9uvUgl6 — Alok Jain ⚡ (@WeekendInvestng) December 21, 2024 BIG NEWS 🚨 FM NIRMALA SITHARAMAN : "There is difference between salted and caramel popcorn" "When popcorn is mixed with sugar (caramel popcorn), it is no longer a NAMKEEN, so it will be taxed at 18%" "When Popcorn is mixed with salt and spices, they are like.Namkeen" "So,… pic.twitter.com/YZXTyqNk3C — Times Algebra (@TimesAlgebraIND) December 21, 2024 How much tax to use this Meme ?#PopcornTax pic.twitter.com/4Yx1dTv7FK — Rahul (@42pi) December 21, 2024 Suddenly #Popcorn got so much attention #ACTII is so popular without advertisements 😀😃#AgrotechIndia pic.twitter.com/4aN1PYgtb5 — Brajesh Jhawar (@Brajeshjhawar1) December 21, 2024 18% GST on Popcorn pic.twitter.com/D66NJQ1GW4 — Vishnu 📉📈 (@VishnuFNO) December 21, 2024 Suddenly #Popcorn got so much attention #ACTII is so popular without advertisements 😀😃#AgrotechIndia pic.twitter.com/4aN1PYgtb5 — Brajesh Jhawar (@Brajeshjhawar1) December 21, 2024 Even Popcorn reaches 18% GST Slab. Next she'll tax air and sunlight.#GSTCouncil pic.twitter.com/xTpIjfkRve — Dr Ranjan (@AAPforNewIndia) December 21, 2024 SGST - Salted GST CGST - Caramel GST — Gabbar (@GabbbarSingh) December 22, 2024 After #Popcorn FM should also bring Puffed Rice (Murmura) as well as Flattened Rice (Poha) under GST.#GSTCouncilMeeting pic.twitter.com/jSc6zvnILf — ABHILASH®️ (@abhi_ar1) December 21, 2024 The great great #GSTCouncil went all the way to Jaisalmer just to discuss & finalize the GST rate on popcorns! 🤷🏼♂️🤷🏼♂️ What an efficient use of taxpayer money & taxpayer sponsored resources 😤😤 pic.twitter.com/NFWB4IjveC — CA Himank Singla (@CAHimankSingla) December 21, 2024 Startup Founder’s Viral Post Urges Innovators to Leave India The new deleted Reddit post by u/anonymous_batm_an. While popcorn taxes grabbed headlines and captured the imagination of meme spreaders, a viral Reddit post by a startup founder painted a grim picture of India’s environment for innovators sparking widespread discussion. The now-deleted post on the r/India subreddit, titled “Leave India! It’s high time! And I am telling this as someone who runs a well-funded business!” urged high-salaried individuals and innovators to consider emigrating. The author with username u/anonymous_batm_an detailed his frustrations with India’s business climate including “stupid regulations,” corruption and high taxes. The entrepreneur, who studied at a top Indian engineering institute and earned a postgraduate degree in the US, returned to India in 2018 to launch a company. Despite securing substantial funding and employing nearly 30 people with an average salary of ₹15 lakh, he shared stories of bureaucratic hurdles and social challenges. He recounted being accused and asked for bribes despite helping police solve a fraud case. The founder also criticised poor public services, frequent “regional hate” and a culture where “social status is tied to wealth and appearance.” The post included a stark warning of an impending “terrible economic collapse” and further depreciation of the rupee. He sarcastically pointed to the popcorn tax as a symbol of desperation: The post said, “In a nutshell...leave the country where they will even tax your popcorn because they are out of ideas to make it a 5 trillion dollar economy!” The entrepreneur suggested the UAE or Thailand as better destinations for innovators. The post garnered over 300 comments before its removal. Some users sympathised, citing issues like poor roads, healthcare and corruption. A commenter living in Australia echoed the sentiment, saying, “Taxes are high, but the returns are poor.” Another user joked that they would join the entrepreneur in leaving India if he decided to shut down his business. FAQS Q1. What are the new GST rates for different types of popcorn? Answer. Normal popcorn will attract 5% GST, pre-packaged and ready-to-eat snacks will face 12% GST, and caramelised popcorn will be taxed at 18% GST. Q2. Why is caramelised popcorn taxed at a higher rate? Answer. Caramelised popcorn is taxed at 18% GST because it is mixed with sugar, changing its product category to sugar confectionary, which calls for a higher GST rate. Q3. What was the reaction to the GST Council's decision on popcorn tax? Answer. The decision sparked a meme storm online with netizens humorously critiquing the government's tax policies and their impact on everyday items. Read more: India to bring crypto regulation agenda in G20 meeting, says Finance Minister Nirmala Sitharaman Read more: RBI wants to ban cryptocurrencies, says Finance Minister Nirmala Sitharaman

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