2024-09-10 14:53:30
New Delhi: The 54th meeting of the GST Council was held on Monday at Sushma Swaraj Bhawan in the capital. Finance Minister Nirmala Sitharaman chaired the meeting. Many important decisions were taken in the meeting. These include reduction in GST on cancer medicines, reduction in tax on namkeen and formation of a committee to consider reduction in GST on medical insurance premium. Let us know about the 10 important points of the meeting here.
1. Tax reduced on cancer medicines
Announcing the decision to reduce GST on cancer drugs from 12% to 5%, the Finance Minister said that the government aims to make cancer treatment more affordable. After the GST Council meeting, Union Finance Minister Nirmala Sitharaman said, ‘GST rates on cancer drugs are being reduced. It is being reduced from 12% to 5% to further reduce the cost of cancer treatment.
2. Salty snacks will be cheaper
In the meeting, it has been decided to reduce the GST on certain types of Namkeen from 18% to 12%. This is expected to reduce the prices of these Namkeens.
3. Formation of Committee on Insurance Premium
The Finance Minister said that a new government committee will be formed to consider the issue of reduction in GST on medical insurance premium. This committee has to submit its report by the end of October.
4. Relief to foreign airlines
The GST Council has decided to keep the import of services by foreign airlines exempt from GST.
5. Helicopter service for religious trips will be cheaper
The GST Council has decided to reduce the tax on the operation of helicopter services for religious pilgrimages to 5%. According to Uttarakhand Finance Minister Prem Chand Aggarwal, the tax on helicopter services carrying pilgrims on religious pilgrimages like Kedarnath, Badrinath has been reduced from 18% to 5%.
6. There is a consensus on reducing tax on insurance premium
The GST Council has broadly agreed to reduce the GST rate on health and life insurance premium from the current 18 percent. However, a final decision has not been taken yet. A decision on this will be taken only after the government committee submits its report in October.
7. Approval for formation of Group of Ministers on Cess Compensation
The GST Council has agreed to form a ministerial group on cess compensation. Finance Minister Nirmala Sitharaman informed about this decision. This step will help the states find a solution to the issue of GST cess compensation.
8. Group of Ministers submitted report on GST rates
Finance Minister Nirmala Sitharaman said after the 54th meeting of the GST Council that the Group of Ministers constituted on rationalization of rates has submitted its status report. This report has been prepared with the aim of improving and adjusting GST rates.
9. Mention of increasing revenue from online gaming
GST on online gaming was discussed in the meeting. Finance Minister Nirmala Sitharaman said that since the imposition of GST on online gaming, there has been a 412 percent increase in revenue. This information has been given in the report submitted by the Fitment Committee.
10. No tax on grants received by educational institutions
After the GST Council meeting, Union Finance Minister Nirmala Sitharaman said that universities and research centres established by the Central Government or universities and research centres established by the law of state governments or which have received income tax exemption can receive research funds from both public, government and private. They do not have to pay GST. They are exempted from paying GST.