The 54th GST Council was held on 9th September, 2024 in New Delhi. It was chaired by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman.

Highlights of the meeting

• GST Council recommends Group of Ministers (GoM) on life and health insurance related GST with existing GoM on Rate Rationalisation; to submit report by end of October 2024
• GST Council also recommends formation of a GoM to study the future of compensation cess
• GST Council recommends to exempt supply of research and development services by a Government Entity; or a research association, university, college or other institution notified u/s 35 of Income Tax Act using government or private grants
• GST Council recommends reduction in GST rates on cancer drugs - Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 12% to 5%.