The Union Finance Minister, Nirmala Sitharaman, headed 54th GST Council Meet. It is the GST Council’s first meeting after the Union Budget 2024-25.
Know the key takeaways:
- GST Council recommends Group of Ministers (GoM) on life and health insurance related GST with existing GoM on Rate Rationalisation; to submit report by end of October 2024.
- GST Council also recommends formation of a GoM to study the future of compensation cess.
- GST Council recommends to exempt supply of research and development services by a Government Entity; or a research association, university, college or other institution notified u/s 35 of Income Tax Act using government or private grants.
- GST Council recommends reduction in GST rates on cancer drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 12% to 5%.
- GST Council recommends roll out of a pilot for B2C e-Invoicing.
Mariya is theSenior Editor at JurisHour. She has 5+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started as a freelance tax reporter in the leading online legal news companies like LiveLaw & Taxscan.
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