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HomeGST54th GST Council Meet: Key Takeaways

54th GST Council Meet: Key Takeaways

GSTNotification

Published on

By Mariya Paliwala
54th GST Council Meet: Key Takeaways
54th GST Council Meet: Key Takeaways

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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.

Read More: Excise & Taxation Officer Lacks Jurisdiction To Transfer Proceedings To DGGI: Punjab & Haryana High Court

Know the key takeaways:

  1. 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.
  2. GST Council also recommends formation of a GoM to study the future of compensation cess.
  3. 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.
  4. GST Council recommends reduction in GST rates on cancer drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 12% to 5%.
  5. GST Council recommends roll out of a pilot for B2C e-Invoicing.

Read Press Release

Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ 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 her career as a freelance tax reporter in the leading online legal news companies.

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