Major Recommendations of 54TH GST Council Meeting held on 09th September 2024

1. RCM has been recommended on inward supply of Metal scrap from unregistered Person to the registered person. The recipient is liable to pay GST under RCM even if the supplier takes GST Registration at a later date.
2.  Issue of Rule 89 and Rule 96 has been clarified, regarding IGST refund on export when IGST refund claimed on payment of IGST. 
3.  Procedure for waiver of interest and penalty has been recommended. Recommended to notify for 01st Nov to 31st Marc 2025.

   4. E-Invoicing has been recommended for B2C transactions on a pilot project basis.

   5. MS-Implementation of Invoice Management System w.e.f. 01st October 2024.

   6. ITC shall be available on Demo vehicles if bought from Vehicle Manufacturer.

   7. Placeof supply has been clarified for –
   a. RCM on Advertisement by Indian Co. to Foreign Company
   b. Datahosting services
   c. Cloud Computing Services

   8. Further clarification has been issued regarding applicability of RCM on Renting of Immovable property from Unregistered supplier to Registered recipient.

   9. Ancillary services provided by GTA who issue Consignment note shall be considered as composite service. Rate of GTA shall apply on such ancillary services.

   10. Exemption has been recommended on Affiliation charges by Govt. schools.

   11. Exempt on Import of Service from Foreign Airline Services.

   12. Grant received is exempt from GST if received by the Universities Set up by Central Govt/ State Govt/ Exempted by Income Tax.

   13. GST Rate changes has been recommended for the followings:
   a. Cancer drugs (brough down to 5% from 12%)
   b. Namkeens (brough down to 12% from 18%)
   c. Transportation of Passengers
   d. Car and Motorcycle seats (increased to 28% from 18%)
   e. Film Distributors/Sub Distributors
   f. helicopter services for religious pilgrim and tourists for seat sharing basis (brough down to 5% from 18%)
   g. Air Conditioner for railway

   14. Next Council Meeting Expected to be scheduled in November 2024.

   15. The GoM has been formed for rate rationalisation on some transactions. A meeting will be hold by GoM soon.

   16. Casino and Online Gaming – The revenue from online gaming has been increased.

   17. ‘Broad consensus’ on reducing insurance premium, final modalities to be taken up in next meeting.