The 54th session of the Goods and Services Tax (GST) Council, led by Union Finance Minister Nirmala Sitharaman, wrapped up on Monday at the Sushma Swaraj Bhawan in New Delhi. In this meeting, the council made several important decisions, such as forming a new Group of Ministers to look into reducing GST rates on medical health insurance, granting exemptions for services imported by foreign airline companies, and lowering rates on cancer medication and namkeen, among other matters.Officials from the finance ministry and finance ministers from different states were present at the meeting.
Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) on cancer medications will be lowered from 12% to 5%, which is intended to help lower the total expenses associated with cancer treatment. The GST council has made a decision to reduce the tax rate on certain snack items from 18% to 12%, making these snacks more affordable for consumers, the GST Council decided to exempt foreign airline companies from paying taxes on imported services, providing them with some financial relief.
Finance Minister Nirmala Sitharaman, talked about important matters and council has chosen to form a committee led by the Additional Secretary of Revenue to tackle the issue of negative IGST balances, with an emphasis on recovering the excess IGST that has been allocated to states.
The GST panel has made a decision to include the renting of commercial property from unregistered individuals to registered ones under the Reverse Charge Mechanism (RCM) to avoid loss of revenue. It was announced that the GST on car seats will increase from 18 percent to 28 percent.
Additionally, the GST panel, headed by Nirmala Sitharaman, has chosen to implement a new Business-to-Customer (B2C) GST invoicing system, which will start on October 1.
