CA Harshit Goyal
Quick Summary
The 54th GST Council meeting held on September 9, 2024, brought in significant reforms and recommendations that could impact businesses, consumers, and healthcare. From lowering GST rates on critical cancer drugs to piloting new e-invoicing mechanisms for retail businesses, here's a detailed look at
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FAQ :
The GST Council recommended reducing the GST rate on certain life-saving cancer drugs, such as Trastuzumab Deruxtecan, Osimertinib, and Durvalumab, from 12% to 5% to make treatments more affordable.
Yes, the GST on extruded/expanded savory food products, including namkeens, bhujia, and mixtures, has been reduced from 18% to 12%.
A Group of Ministers has been formed to conduct a comprehensive review of GST-related challenges in the life and health insurance sectors, with a report expected by October 2024.
The GST on passenger transport by helicopters on a seat-share basis has been reduced to 5%. However, chartered helicopter services will continue to attract 18% GST.
A pilot rollout of B2C (Business-to-Consumer) e-invoicing is being tested on a voluntary basis for retail transactions, aiming to improve business efficiency and transparency.
A Reverse Charge Mechanism (RCM) has been introduced for metal scrap supply by unregistered suppliers to registered buyers, making the recipient liable to pay GST.
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