The 54th meeting of the GST Council is scheduled for September 9, 2024, in New Delhi. Central topics on the agenda include the rationalization of GST rates and the potential reduction of tax slabs.
New Delhi: On September 9, the GST Council, under the leadership of Union Finance Minister Nirmala Sitharaman, will convene in New Delhi. The Council announced on its official account on the social media platform ‘X’, “The 54th meeting of the GST Council will take place on September 9, 2024, in New Delhi.” Comprised of finance ministers from both the Center and the states, the GST Council is the apex body for decisions related to the Goods and Services Tax (GST), functioning since July 1, 2017. Key topics expected to be deliberated upon include rate rationalization, a reduction in tax slabs, and addressing the issue of inverted duties under GST.
Potential discussion points include:
- According to CNBC TV18, insiders suggest that updates from the Group of Ministers on the progress of GST rate rationalization, discussions held under the previous group's leadership, and future strategies may be presented.
- Sources indicate that the Council may review the recent notice sent by the Directorate General of GST Intelligence (DGGI) to IT giant Infosys and ten foreign airline companies operating in the country.
- Additionally, the Council might examine certain proposals related to rate modifications. There is also speculation that the removal of the 18 percent GST on health and life insurance premiums could be on the table.
It’s worth noting that the last Council meeting took place on June 23, during which Sitharaman mentioned that the upcoming meeting would feature a presentation from the Group of Ministers (GOM), led by Bihar Deputy Chief Minister Sumant Chaudhary, on the status of the rate rationalization efforts, the areas covered by the committee, and the remaining tasks yet to be addressed.
