The 55th GST Council meeting on December 21, 2024, in Jaisalmer, Rajasthan, will focus on key issues like changes in GST rates for tobacco, high-end products, and insurance policies, along with rate rationalization measures. Discussions will also include recent GSTN announcements, such as the hard-locking of auto-filled GSTR-3B, time limits for generating e-way bills, deadline extensions, and the mandatory implementation of two-factor authentication (2FA) for e-invoicing and e-way bills. This meeting is crucial for businesses due to its potential impact on GST compliance and operational processes.

Key Discussion Points:

The 55th GST Council meeting will discuss:

1. GST Rate Changes: 35% on luxury items, reduced rates for water, health insurance (5%), and exemptions for term life insurance.
2. Insurance: Exemptions for senior citizens’ health and term life insurance.
3. GST Rationalization: Addressing inverted duties, merging slabs, and reducing litigation.
4. Tech: IMS for compliance, Aadhaar-based GST registration.
5. Energy: Potential inclusion of petrol and diesel under GST.
6. Compliance: Mandatory GSTR-7 filing and resolving GSTR-9 mismatches.

Key Takeaways:

1. Insights into proposed rate changes and their implications for businesses and individuals.
2. Impact of GST changes on insurance premiums and the broader industry.
3. Understanding technological advancements in GST processes for smoother compliance.
4. Preparations businesses can make ahead of these proposed changes.

Register: