54th GST Council Meeting Tomorrow: What Can You Expect?

by rajtamil September 8, 2024

September 8, 2024 0 comment 22 views

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54th gst council meeting tomorrow: what can you expect?

New Delhi: The 54th GST Council meeting is scheduled for September 9, 2024. As the meeting is tomorrow, there are rumours spreading about the agenda. However, there is no official revealation about the key agendas, it is expected to address several important issues that could impact different sectors. Here are the key topics likely to be discussed:

Extension Of GST Compensation Cess

One of the main points on the agenda is the continuation of the GST compensation cess. The Council may also discuss whether to replace this cess with a new tax or cess in the future.

Review of GST on Insurance Premiums

The Council is expected to consider a reduction in the GST rate on life and health insurance premiums, which is currently set at 18 per cent. This change could bring some relief to policyholders if approved.

Relief For Foreign Airlines

Foreign airlines may get some relief from the GST burden. The Council could decide to exempt the import of services by foreign airlines’ head offices when these services are provided without charge.

Potential GST Cuts And Exemptions

Several other relief measures are on the table, including possible GST cuts for cancer drugs and exemptions for electricity meter services. The Council will also review support measures for the real estate and metal industries, which could benefit property buyers and students.

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Clarification on GST for Payment Aggregators

The Council might provide clarity on the GST rules for payment aggregators like PineLabs and Razorpay. Currently, transactions below Rs 2,000 are exempt from GST, but a proposal to charge 18 per cent GST on the income of payment aggregators for facilitating these transactions is under review.

53rd GST Council Meeting was the Council’s first meeting after the 2024 Lok Sabha elections. It took place on June 22, 2024, in New Delhi, after nearly eight months from the previous one held. The meeting was led by the newly appointed Union Finance Minister, Nirmala Sitharaman.