The GST Council has fixed 9th September 2024 to hold its 54th meeting with state finance ministers. This crucial meeting is expected to address a wide range of issues affecting various sectors of the economy.
With a comprehensive agenda, the GST council is likely to discuss matters such as the Infosys notice, concerns related to foreign shipping lines, and potential rate rationalization.
The 54th Meeting of the GST Council will be held on 9th September, 2024 at New Delhi.
— GST Council (@GST_Council) August 13, 2024
Expectations of the Upcoming 54th GST Council Meeting
The upcoming 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.
Regarding GST on lease hold land specially MSME where they sell their small land but you send summons after 3-4 years with interest and Penalty and demand 30-35% more tax when MSME has invested in bigger plot by such demand you want to close MSME by simple Sale by paying Stamp Duty, Capital Gain Tax and Transfer Fee. How many more taxes you want to collect from MSME. Why do not you concession only to Registered MSME.