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TRC Corporate Consulting delivers a comprehensive solution for
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Summary of Recommendations from the 54th GST

Council Meeting

Changes in GST Rates

Goods:
The GST rate for extruded or expanded savoury or salted products (excluding un-fried or uncooked
snack pellets) under HS 1905 90 30 is reduced from 18% to 12%.
The rate for cancer drugs is reduced from 12% to 5%.
The GST for car seats classified under 9401 is increased from 18% to 28%.

Services:

1. Passenger transport services by helicopters on a seat-share basis will be notified at 5%, while charter
helicopter services remain at 18%.
2. Flying training courses provided by DGCA-approved Flying Training Organizations (FTOs) are exempt
from GST.
3. Research and Development (R&D) services by government entities or recognized institutions under
Section 35 of the Income Tax Act, 1961, utilizing grants are exempt from GST.
4. Affiliation services provided by State or Central boards to government schools are exempt from GST;
however, universities' affiliation services to colleges remain taxable at 18%.
5. Import of services from a foreign airline's branch office, received without consideration from a related
party or establishment outside India, will be GST-exempt.

Composite Supply Clarifications

The Council recommends the following interpretations of composite supplies:

Preferential Location Charges will be included as part of the composite supply of construction
services.
Ancillary services, such as loading or warehousing, will be treated as part of the composite supply for
Goods Transport Agency (GTA) when billed together.
Ancillary services related to new connections, application fees, rental charges, and testing fees should
be included in the composite supply for electricity transmission and distribution.

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 TRC CORPORATE CONSULTING

Providing Solutions
to Help Business Grow
TRC Corporate Consulting delivers a comprehensive solution for
organizational processes, leveraging a distinctive blend of talent
acquisition and sourcing expertise. By positioning ourselves as a
holistic partner, we seamlessly guide businesses through every
phase of their journey, ensuring tailored support and optimized
outcomes.

Invoice Management System and New Ledgers

Introduction of a Reverse Charge Mechanism (RCM) ledger, an Input Tax Credit Reclaim
ledger, and an Invoice Management System (IMS).
Taxpayers must declare their opening balances for these ledgers by October 31, 2024.

Refund Mechanisms

IGST Refund: Regularization of IGST refunds under Rule 96(10); pending cases will require
reassessment and payment along with interest to Customs.
GST Amnesty Scheme: New rules and forms will be established for the availing of the GST
Amnesty scheme, effective from November 1, 2024, with the last date for tax payment slated
for March 31, 2025.

ITC Regularization

Immediate implementation of Sub-Sections (5) and (6) of Section 16 is recommended.

A special procedure for rectifying orders related to incorrect claims of ITC, which are now
valid under retrospectively inserted provisions, is to be established.

Clarifications from CBIC

Clarifications concerning the place of supply for:

Advertising services provided by Indian companies to foreign firms.
Data hosting services by Indian providers to cloud computing service firms outside India.
Clarification regarding Input Tax Credit (ITC) on demo vehicles.

E-Invoicing for B2C Supplies

The GST Council has suggested launching a pilot program for B2C e-Invoicing, following
successful implementation in B2B transactions.

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 TRC CORPORATE CONSULTING

Providing Solutions
to Help Business Grow
TRC Corporate Consulting delivers a comprehensive solution for
organizational processes, leveraging a distinctive blend of talent
acquisition and sourcing expertise. By positioning ourselves as a
holistic partner, we seamlessly guide businesses through every
phase of their journey, ensuring tailored support and optimized
outcomes.

Who We Are
At TRC Corporate Consulting, we empower businesses with
Our Services
customized solutions and strategic insights. Our
Governance Risk & Compliance
experienced team partners with clients to tackle unique
challenges, offering services in Audit & Risk Advisory,
Taxation, Valuations, HR Consulting, IBC Advisory, and
Asset Tagging & Inventory Verification. We prioritize agility Corporate Consulting Services
and innovation, staying ahead of market trends to drive
sustainable growth. Our commitment to understanding
your needs enables us to deliver impactful results. Discover Taxation Services
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We bring extensive industry knowledge, Valuation Services
ensuring effective strategies tailored to your
unique challenges.
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Consulting
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specialized skills and insights, driving impactful
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Rapid Value
Creation
We focus on swift implementation of strategies
that deliver measurable results and enhance
operational efficiency.

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 TRC CORPORATE CONSULTING

Providing Solutions
to Help Business Grow
TRC Corporate Consulting delivers a comprehensive solution for
organizational processes, leveraging a distinctive blend of talent
acquisition and sourcing expertise. By positioning ourselves as a
holistic partner, we seamlessly guide businesses through every
phase of their journey, ensuring tailored support and optimized
outcomes.

Talent Management ServicesFor any further inquiries or clarification, please do not hesitate to

CONTACT US.

Mr. Mohd Tousif Ahmed

Markets

+91 90678 89201

mohammadahmed@trcconsulting.org

Disclaimer
The information contained in this update is provided solely for informational purposes and does not constitute legal advice or
opinion. Readers are encouraged to seek professional legal counsel before taking any action based on the content herein. This
update is not tailored to the specific circumstances of any individual or organization. Given the dynamic nature of law, there is no
guarantee that judicial or quasi-judicial authorities may not adopt positions contrary to the perspectives presented. Therefore,
the publishers and authors disavow any responsibility for losses resulting from actions taken or not taken by individuals or
entities relying on this material.

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