The Union Finance Minister Nirmala Sitharaman chaired the 54th meeting of the GST Council today (9th September 2024) at Sushma Swaraj Bhawan in New Delhi.
The Union Minister of State for Finance M.P.P. Chaudhary, along with the Chief Ministers of Goa and Meghalaya, and the Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana also participated in the meeting.
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KEY HIGHLIGHTS
- Rate Rationalization GoM Status Report presented, Meeting on 23rd this Month
- Real Estate and Online Gaming Status reports presented by GoM: FM
- Revenue from online gaming increased to 412% (6909 crores) within 6 months
- Revenue from casinos increased to 30% (214 crores) within 6 months
- New two GoMs
- Medical and Health Insurance GST – Rate Rationalisation GoM under Dpy CM of Bihar with new members. The report shall be submitted by October end. Upcoming GST council in November will finalise the same.
- New GoM to study Compensation Cess. No longer compensation post March 2026. Rate Rationalisation GoM under Deputy CM of Bihar with new members for limited purpose.
- Negative IGST Balance from States to be Studies by Committee of Officers comprising State and Central officers. The report shall be submitted by October end.
- GST on cancer drugs reduced from 12% to 5%.
- Namkeens Extruded expanded savoury food items – reduced prospectively from 18% to 12%.
- RCM on Supply of metal scraps from Unregistered persons to Unregistered persons, provided that the supplier shall take registration as and when it crosses threshold limit. In addition, the recipient under the RCM shall pay tax even if the supplier under threshold.
- GST Council clarifies Availability of GST ITC for Demo Vehicles
- Renting of Commercial Property from Registered to Unregistered Person Covered under RCM for GST Purposes
- B2C e-Invoicing to Start on Voluntary Basis Soon
- EV Charging Station GST Rates to be Re-Examined by Fitment Committee
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