GST Council meeting on September 9: A look at key proposals and expected changes
GST Council meeting on September 9: A look at key proposals and expected changes The GST Council’s meeting promises to address issues that could impact various sectors. Here's a look at key expectations: Compensation cess continuation | The Council is expected to provide clarity on the continuation of the GST compensation cess. Sources suggest that the cess may extend “well into” 2025-26 (FY26). There will also be discussions on whether to eventually replace this cess with a tax or a new cess. Review of GST on insurance premiums | One of the major topics is the GST rate on life and health insurance premiums. The fitment panel has reviewed the current 18% GST rate, and the Council will deliberate on possible reductions. This change could provide relief to policyholders. Relief for foreign airlines | Another key issue is the GST burden on foreign airlines. The Council may consider exempting the import of services by foreign airlines’ head offices when received without considerat