Key Recommendations From the 55th GST Council Meeting Announced by Government
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- Last Updated on 24 December, 2024
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Press Release, Dated 21-12-2024
The GST Council’s recent recommendations introduce key reforms and compliance updates aimed at streamlining tax processes and reducing business costs. These include a retrospective amendment in Section 17(5)(d) of the CGST Act, 2017, replacing “plant or machinery” with “plant and machinery” from 01.07.2017, which nullifies the Supreme Court’s Safari Retreats ruling and significantly impacts the construction sector. The removal of reverse charge on sponsorship services and reduced cess for merchant exporters will lower costs and enhance global competitiveness.
Further, trade facilitation measures include clarity on voucher taxation, GST exemption for small transaction fees by payment aggregators, simplified registration for small businesses, and the exemption of GST on penal charges by banks and NBFCs for non-compliance with loan terms.
Additionally, the GST on the sale of old and used vehicles, including EVs (except specific categories), will increase from 12% to 18%. The inclusion of the Input Matching System (IMS) in GST legislation marks a significant shift in compliance dynamics, requiring businesses to evaluate its impact carefully. These changes reflect a balance between easing compliance burdens and optimizing revenue generation.
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