Quick Summary
The GST Council's 54th meeting brought a wave of optimism across various industries with the announcement of critical rate cuts and policy adjustments. Leaders from different sectors have lauded the Council's decisions, emphasizing the positive impact these changes will have on business operations and consumer relief. A key highlight of the meeting was the exemption of GST on the import of services by foreign airlines operating in India through their branch offices. This decision follows the Di
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FAQ :
The GST Council announced rate cuts and policy adjustments, including GST exemptions on imported services for foreign airlines, a reduction in GST on namkeen from 18% to 12%, and a cut on cancer drugs from 12% to 5%.
Foreign airlines operating in India through branch offices will be exempt from GST on imported services, providing relief from significant tax demands.
The GST rate on namkeen products has been reduced from 18% to 12%, clarifying the classification for ready-to-eat snacks and benefiting manufacturers and consumers.
The Council is exploring the possibility of lowering GST rates for life and health insurance services, with a report expected from a Group of Ministers by October 2024.
GST exemptions have been granted to government universities and research centers on grants for research activities, supporting India's research and development initiatives.
No, discussions regarding the taxation of online gaming remain unresolved.
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