Nirmala Sitharaman: The 54th meeting of the GST Council concluded on Monday. Many major decisions were taken in this meeting chaired by Finance Minister Nirmala Sitharaman. However, the GST Council has decided to postpone some issues that have been under discussion for a long time. The GST Council has announced a reduction in GST on cancer medicines, snacks and helicopter service for religious trips.
Finance Minister announced, GST will not be required on research fund
Finance Minister Nirmala Sitharaman has announced that if any university or research center established by the law of the state or central government receives funds from the government or private sector, then they will not have to pay any GST on it. Actually, last month it was reported that various other educational institutions including IIT Delhi have received GST notice on funds for research. After this, the Finance Ministry was being heavily criticized. The Directorate General of GST Intelligence (DGGI) had sent a notice of tax demand to a total of 7 institutions including IIT Delhi.
Relief on salty snacks, cancer medicine and helicopter service
After the GST Council meeting, Revenue Secretary Sanjay Malhotra said that GST on namkeen has now been reduced from 18% to 12%. Apart from this, only 5% GST will be levied on cancer medicines instead of 12%. This will make cancer medicines much cheaper and patients will get relief. Sanjay Malhotra said that keeping in mind the problems of elderly people who go on religious pilgrimages, Passengers using helicopter services on seat sharing basis have been given relief from GST. It has been reduced from 18 percent to 5 percent. This will provide relief to the devotees going to pilgrimage places like Kedarnath, Badrinath and Vaishnodevi.
Decision on insurance and online payment will be taken later
Sanjay Malhotra said that in the GST Council meeting chaired by Finance Minister Nirmala Sitharaman with the Finance Ministers of the states, there was also a discussion on reducing the GST on the premium of Health Insurance and Life Insurance. After this, the issue has been sent to the Group of Ministers (GOM). This GOM will prepare its report by October 2024. This issue will be discussed in the GST Council meeting to be held in November 2024. The matter of GST on online payment has also been sent to the Fitment Committee.
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GST Council: GST reduced on cancer medicines, Finance Minister Nirmala Sitharaman had announced in the budget
