The GST Council met for the 55th time on December 21, 2024 in Jaisalmer and made recommendations on various matters including legislative changes, GST rates on specified goods and services, clarifications on contentious issues, measures aimed at trade facilitation. The GST Council, however, deferred several decisions like overall rate rationalisation, GST on life and health insurance premiums etc. This Alert gives an insight on the key recommendations from this meeting: A. Legislative Changes A1. ITC on construction of immovable property Ø   Section 17(5)(d) of the Central Goods and Services Tax Act, 2017 (‘CGST Act’) to be amended to replace the phrase ‘plant or machinery’ with the phrase ‘plant and machinery’ retrospectively, effective from July 1, 2017. Resultantly, the ITC restriction under Section 17(5)(d) will also be read with the Explanation defining ‘plant and machinery’, as provided under Section 17. Ø   This proposal comes in the light of recently pron...