Quick Summary
Recommendations during 54th meeting of the GST Council 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 2024GST Council also recommends formation of a GoM to study the future of compensation cess 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
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FAQ :
GST rates have been reduced for certain cancer drugs (Trastuzumab Deruxtecan, Osimertinib, Durvalumab) from 12% to 5%. Additionally, extruded or expanded savoury food products will see a reduction from 18% to 12%, aligning with namkeens.
Yes, the GST Council recommended rolling out a pilot for B2C e-invoicing on a voluntary basis in selected sectors and states, aiming to enhance business efficiency and allow consumers to verify invoices.
The GST Council recommended forming a Group of Ministers (GoM) to comprehensively review issues related to GST on life and health insurance. This GoM is expected to submit its report by the end of October 2024.
Yes, the GST Council recommended exempting the supply of research and development services provided by government entities, research associations, universities, colleges, or similar institutions using government or private grants.
The council recommended procedures for waiving interest or penalties for certain tax demands for FYs 2017-18, 2018-19, and 2019-20, with a payment deadline of March 31, 2025. They also recommended implementing new provisions for input tax credit and clarifications on various trade-related issues.
The GST Council noted enhancements to the GST return architecture, including a new Invoice Management System (IMS). This optional facility will allow taxpayers to accept, reject, or pend invoices for Input Tax Credit purposes, aiming to reduce errors and improve reconciliation.
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