54th GST Council Meet: Key Takeaways

The Union Finance Minister, Nirmala Sitharaman, headed 54th GST Council Meet. It is the GST Council’s first meeting after the Union Budget 2024-25.

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Know the key takeaways:

1. GST Council recommends Group of Ministers (GoM) on life and health insurance related GST with existing GoM on Rate Rationalisation; to submit report by end of October 2024.
2. GST Council also recommends formation of a GoM to study the future of compensation cess.
3. GST Council recommends to exempt supply of research and development services by a Government Entity; or a research association, university, college or other institution notified u/s 35 of Income Tax Act using government or private grants.
4. GST Council recommends reduction in GST rates on cancer drugs – Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 12% to 5%.
5. GST Council recommends roll out of a pilot for B2C e-Invoicing.

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