Recommendations of 54th GST Council Meeting | Press Release
- Blog|News|GST & Customs|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 11 September, 2024
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The 54th GST Council meeting has been held under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi. In this regard, the Government has issued press release in which all recommendations relating to changes in GST tax rates, relief to individuals, measures for facilitation of trade and measures for streamlining compliances in GST are compiled. The key recommendations are:
- The GST rate of extruded or expanded products, savoury or salted (other than un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion), falling under HS 1905 90 30 to be reduced from 18% to 12%
- The GST rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab to be reduced from 12% to 5%
- Reverse Charge Mechanism (RCM) to be introduced on supply of metal scrap by unregistered person to registered person provided that the supplier shall take registration as and when it crosses threshold limit
- GST rate on car seats classifiable under 9401 to be increased from 18% to 28%
- GST Council recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on the life insurance and health insurance
- It is recommended to notify GST rate of 5% on the transport of passengers by helicopters on seat share basis and to regularise the GST for past period on ‘as is where is’ basis
- Council recommended to exempt supply of research and development services by a Government Entity; or a research association, university, college or other institution, notified under clauses (ii) or (iii) of sub-section (1) of section 35 of the Income Tax Act, 1961 using Government or private grants
- It is also recommended to exempt import of services by an establishment of a foreign airlines company from a related person or any of its establishment outside India, when made without consideration
Click Here To Read The Full Press Release
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