Business News Desk – The 54th meeting of the GST Council will be held on 9 September 2024 in New Delhi. According to the information received from the sessions, many big decisions can be taken in this GST meeting. GST data sharing is likely to be discussed, which includes sharing personal information with government agencies, ministries, government bodies under special circumstances. Know which big decisions can be taken.
A final decision may be taken on the issue of GST on health and life insurance premiums, which has become politically heated in recent times. A reduction in GST on health and life insurance policy premiums is possible. Among the options, a proposal of 5% GST on an annual premium of Rs 50,000 is made. Only term insurance may get relief in life insurance.
According to sources, in the GST Council meeting to be held on Monday, a decision is also likely to be taken to impose GST on digital transactions. There is a proposal to impose GST on digital transactions of less than Rs 2000. Other payment modes including debit or credit cards can also be included.
The Council may discuss taxation for oil and gas exploration. The Fitment Committee may propose to issue clarification on levy of GST on participating interest in oil and gas exploration contracts. The Fitment Committee believes that sub-contracting is also a supply of services, hence GST should be levied on it. In such cases, the GST rate will be 18 per cent with ITC.
