Webinar

"Unlocking the Future: What the 55th GST Council Meeting Means for Your Business”

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Key Takeaways for Attendees :

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

Topics to Be Covered

  • Proposed GST Rate Changes :
    • Luxury Goods: 35% GST on tobacco products, aerated beverages, and other luxury items to curb consumption and boost revenue.
    • Essential Items: Reduction in GST rates on packaged drinking water, health insurance premiums (proposed to 5%), and exemption for term life insurance premiums.
    • Educational Products: Potential reduction in rates for textbooks and other learning materials.
  • Insurance Industry Impact :
    • Exemption for premiums on senior citizens’ health insurance and term life insurance.
    • Changes expected in health insurance premiums for non-senior citizens with coverage up to 5 lakhs.
  • GST Structure Rationalization :
    • Introduction of the Invoice Management System (IMS) for better compliance and ITC accuracy.
    • Biometric-based Aadhaar authentication for GST registrations to enhance security.
  • Technological Advancements :
    • Reconciliation strategies to avoid penalties.
    • Ensuring compliance with Rule 42 for Input Tax Credit reversals.
  • Energy Sector Updates :
    • Potential discussions on bringing petrol and diesel under GST for ITC claims.
  • Focus on Compliance :
    • Mandatory sequential filing of GSTR-7 returns.
    • Handling mismatches in Tables 8A and 8C of GSTR-9 for accurate credit reporting.

Thought Leader :

Rajat Munjal

Senior Manager, Tax Specialist

Clear Tax

Speaker Bio :

Experienced Indirect Tax Specialist with expertise in managing GST and other indirect taxes across multiple industries. Proven track record in tax compliance, strategy development, and audit defense. Skilled in leveraging data analytics and technology to streamline tax processes and ensure regulatory adherence. Dedicated to delivering accurate, timely solutions that enhance operational efficiency and mitigate risk. Let's connect to discuss how I can add value to your organization's tax strategy.

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