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54th GST Council Meeting: Cancer Drugs, Insurance, Car Seats

54th GST Council Meeting

The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and attended by state finance ministers and tax officials, concluded with several key recommendations.

Additionally, the GST rate on small digital transactions (PAs) is to be discussed at the next meeting. Additionally, the current 18 per cent GST rate on life and health insurance premiums has been referred to the fitment committee for a possible reduction.

Press Release of Recommendations By GST Council Members During the 54th Meeting

Updates from the 54th GST Council Meeting

Source: www.cnbctv18.com and moneycontrol.com

What were the Expectations for the 54th GST Council meeting?

The 54th GST Council meeting is anticipated to be a pivotal event for the Indian economy. Besides the critical GST issues already mentioned, several other key areas are expected to be on the agenda.

GST on Health and Life Insurance: The GST Council may discuss a possible rate reduction on health and life insurance, as demanded by the people of India. This is a high-priority agenda item for both the opposition and Minister Nitin Gadkari.

Discussion on GST Notices: The 54th meeting may also discuss GST notices issued to Infosys and foreign airline companies.

GST Levy on Foreign Shipping Lines: The centre can ease the ‘related party transaction’ clause under the GST, for foreign shipping companies in India. Airlines and shipping companies may not have to pay GST when they bring in services from other countries. Instead, they would pay the tax when they use the services.

GST Rate Rationalisation: According to reliable sources, the council may develop a new plan to rationalize GST rates and present it to state ministers for approval.

Moreover, the meeting will focus on several critical issues, including technology-enabled solutions, anti-profiteering measures, and ITC.

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