53rd GST Council Meeting: List of New Rate Changes for Goods and Services

Union Finance Minister Nirmala Sitharaman recently led a critical pre-Budget consultation with state finance ministers and Union Territories, stressing inclusive growth and fiscal prudence. This was followed by the 53rd GST Council meeting on June 22, 2024, which saw significant decisions aimed at simplifying taxation and stimulating economic activity. Key outcomes of the GST Council meeting included exemptions for hostel accommodation services outside educational institutions, railway services, and interest waivers on penalties. Additionally, a uniform GST rate for milk cans was introduced to support the dairy sector. Sitharaman reaffirmed the Centre's commitment to supporting states through timely tax devolution and GST compensation settlements during the consultations. She encouraged states to utilize interest-free loans for reforms, highlighting efforts to bolster fiscal health and drive economic growth.