56th GST Council Meeting: Date, Time, What To Expect And How To Watch Press Conference Live?

The Goods and Services Tax (GST) Council is set to hold its 56th meeting in the national capital this week, where a range of issues, including tax slab rationalisation, compensation cess and sector-specific clarifications, will be discussed.

The meeting is scheduled to be held eight months after the last Council meeting and is expected to shape the proposed next-generation GST reforms.

The 56th GST Council meeting will take place on Sept. 3 and 4 in New Delhi.

The deliberations are scheduled to begin at 11 a.m. on both days, with detailed discussions on reforms, rate changes and industry-specific concerns.

The two-day meeting is expected to cover several items:

• GST rate rationalisation: One of the main agendas is the restructuring of GST tax slabs. The Centre has proposed merging the 12% and 28% brackets into either 5% or 18%, while also considering a new 40% rate for sin goods. The Council may also discuss removing the inverted duty structure, which has long troubled sectors such as textiles, footwear, fertilisers and packaging.

• Compensation cess review: The Council is expected to take up the future of the compensation cess, currently extended till March 2026. Discussions may revolve around replacing it with a health and clean energy cess, which would require a constitutional amendment.

• Insurance taxation: Health and life insurance premiums currently attract 18% GST, but exemptions may be considered. A Group of Ministers (GoM) has been studying this issue since the 55th Council meeting.

• Drones and digital assets: The Council may move towards a unified GST rate on drones, reducing it from 28% to 5%, while clarifying classification issues for drones with cameras. In addition, taxation on virtual digital assets and sector-specific clarifications for real estate, gaming and e-commerce are likely to be on the table.

• Simplifying compliance: Proposals for pre-filled GST returns and automated refunds could also be discussed, aiming to ease compliance for taxpayers.

The discussions gain added weight as they follow Prime Minister Narendra Modi’s announcement of "next-generation GST reforms" during his Independence Day address on Aug. 15.

Following the conclusion of the meeting, Finance Minister Nirmala Sitharaman is expected to brief the media on the Council's decisions. Viewers can watch the press conference live on NDTV Profit’s YouTube channel or through the Live TV section on the NDTV Profit website.