54th GST Council Meeting (Image source: iStock)
New Delhi:The 54 GST Council Meeting The meeting is scheduled to take place on September 9, 2024. As the meeting is tomorrow, there are rumors about the agenda. However, there is no official revelation about the key agendas, it is expected that several important issues will be addressed that could affect different sectors. Here are the key issues that are likely to be discussed:
Extension of Goods and services tax Compensation cessation
One of the main items on the agenda is the continuation of the GST compensatory tax. The Council could also discuss whether this tax should be replaced by a new tax or levy in the future.
Review of GST on insurance premiums
The Council is expected to consider a reduction in the GST rate on life and health insurance premiums, which is currently set at 18 per cent. This change could provide some relief to policyholders if approved.
Relief for foreign airlines
Foreign airlines may be able to get some relief from the GST burden. The Council could decide to exempt the import of services by the head offices of foreign airlines where these services are provided free of charge.
Possible GST cuts and exemptions
Other relief measures are being considered, such as possible GST cuts for cancer drugs and exemptions for electricity metering services. The Council will also review support measures for the real estate and metals sectors, which could benefit property buyers and students.
GST clarification for payment aggregators
The Council may clarify GST rules for payment aggregators like PineLabs and Razorpay. Currently, transactions below Rs 2,000 are exempt from GST, but a proposal to levy 18 per cent GST on the revenue of payment aggregators for facilitating such transactions is under consideration.
The 53rd GST Council meeting was the first meeting of the Council after the 2024 Lok Sabha elections. It was held on June 22, 2024, in New Delhi, almost eight months after the last one. The meeting was chaired by the newly appointed Union Finance Minister Nirmala Sitharaman.
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