The 54th GST Council meeting will be conducted on September 9, 2024, in New Delhi. The GST Council, which is headed by Union Finance Minister Nirmala Sitharaman and comprises representatives of all states and UTs, is the apex decision-making body for indirect taxes in India.
At the GST Council meeting next month, points including rate rationalization, the future direction of tax slabs and the correction of the inverted duty structure under the Goods and Services Tax (GST) regime, notices being sent to businesses regarding their overseas operations, and the recent discussion over the tax rate on insurance premiums are expected to be covered. The Council announced in an official statement on Tuesday that September 9 will be the date of the next meeting.
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Officers from the states and the center will meet prior to the Council meeting. The unresolved business of rate rationalization is present. The ministerial committee would need to hold discussions as the first step before moving towards it. The committee would be expected to report its current work before the council for a thorough discussion. An official stated that it is necessary to investigate whether a deadline needs to be set for the ministerial committee to present its suggestions regarding rate rationalization and slab modifications.
The council is also likely to take up the issue of 18% GST on insurance premiums. The matter is already pending with the fitment committee under the council, which comprises officials from the Centre as well as states. “The council will take up the pending recommendation by the fitment committee in the last meeting,” an official said on condition of anonymity, adding that the final agenda is likely to be finalised by the end of this month.
The council made a number of important decisions during its June meeting to reduce the burden of compliance, such as waiving interest and penalties for demand notices issued under the CGST Act and establishing a financial threshold for appeals to the GST Appellate and other tribunals.
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The industry anticipates additional revisions of this nature at the next conference. “Rate rationalisation is a crucial step towards simplifying India’s GST regime and to ensure the process is effective, it is imperative to consider the overall tax burden on end consumers when reassessing tax slabs, Additionally, addressing classification ambiguities is vital during this exercise. Wide-ranging industry consultations before implementing new rates will help align stakeholder expectations and facilitate a smooth transition,”
In its previous meeting held in June, the GST Council, which had met for the first time since the formation of the new Union government, tweaked tax rates on some items, and took a series of steps to bring down litigation and ease compliance for taxpayers. The overall GST rate rationalisation and streamlining of the slab structure, which falls into four broad categories of 5 per cent, 12 per cent, 18 per cent and 28 per cent, has been a long pending issue.
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