54th GST Council Meeting
Summary: The 54th GST Council meeting, led by Finance Minister Nirmala Sitharaman, focused on revising GST rates for essential goods and services, such as cancer drugs, health insurance, and snacks. A key decision was to reduce GST on certain cancer treatments from 12% to 5%, easing financial pressure on patients. Other proposals include lowering GST on savoury snacks and exempting research services from GST. The council also addressed potential increases, such as raising GST on car and motorcycle seats. The GoM will submit its report on insurance GST rates by October 2024, and new invoice management systems will be introduced to streamline tax processes.
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