The Indian GST structure saw substantial modifications as a consequence of the 54th GST Council Meeting, which was presided over by Union Finance Minister Nirmala Sitharaman on September 9, 2024. Important results included lower GST rates for medications used in cancer treatment, lower rates for certain foods, and a new GST rate for helicopter services. The introduction of e-invoicing for B2C transactions and the need for clarifications regarding input tax credit were also discussed at the discussion. The Council underlined the need of stakeholder engagement to guarantee that future changes are advantageous and sustainable for the economy, even though several decisions were postponed for more study.

In the 2024 budget, Finance Minister Nirmala Sitharaman introduced significant revisions to several critical tax sections, aimed at simplifying the tax regime and encouraging investment. Key changes include modifications to the angel tax provisions, Securities Transaction Tax (STT), Short-Term Capital Gains (STCG), Long-Term Capital Gains (LTCG), and adjustments to income tax slabs. These reforms are expected to have a substantial impact on taxpayers and investors, offering potential benefits and incentives for compliance and investment. This synopsis delves into the detailed changes and their implications for different stakeholders.