Business News | GST Rates Slashed for Certain Cancer Drugs, Namkeens, Shared Helicopter Service
Get latest articles and stories on Business at LatestLY. The GST Council that met on Monday decided to reduce the GST rate on certain cancer drugs from 12 per cent to 5 per cent, aimed at reducing the overall cost of cancer treatment.
New Delhi [India], September 9 (ANI): The GST Council that met on Monday decided to reduce the GST rate on certain cancer drugs from 12 per cent to 5 per cent, aimed at reducing the overall cost of cancer treatment.
Those drugs are Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.
In another decision, GST rate has been reduced prospectively from 18 per cent to 12 per cent for namkeens and savoury items.
Universities and research centers that have been established by a law of the Central Government; established by a law of the State Governments; and institutions that have obtained income tax exemption can receive research funds both government and from the private.
Such research-related funds would not attract taxes as they have been exempted from paying the GST.
A Group of Ministers has been tasked to look into GST rates related to medical insurance and come up with a report by October so that the GST Council can take up the matter in the November meeting.
"There were a lot of discussions about do we reduce the rate, or exempt it, for who should we exempt and who should not, what happens to group insurance, are we going to carve out only for senior citizens, will this not complicate the implementation," Finance Minister Nirmala Sitharaman told reporters after hours-long GST Council meeting held on Monday.
A lot of issues were brought up for further discussion today in the GST Council, Sitharaman said, adding that's why they felt it should go through a rigorous look into by the GoM.
It will be the rate rationalization GoM headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose.
"We have told them that they will look into this matter and come up with a report by the end of October 2024. The #GST council which will meet in November will finalize based on this report which will come from the GoM," she added.
Both life insurance and medical insurance premiums attract a GST rate of 18 per cent.
Recently, many leaders from opposition-ruled states have requested Finance Minister Sitharaman to reduce GST on medical insurance and premiums. West Bengal Chief Minister Mamata Banerjee has requested the central government to withdraw the Goods and Services Tax (GST) on life insurance and health insurance premiums.
Today, GST Council also recommended the formation of a GoM to study the future of compensation cess.
The council today also notified that GST at 5 per cent will be imposed on the transport of passengers by helicopters on seat share basis as against 18 per cent earlier. The charter helicopter will continue to attract 18 per cent GST.
GST rate on car seats to be increased from 18 per cent to 28 per cent. This uniform rate of 28 per cent will be applicable prospectively for car seats of motor cars in order to bring parity with seats of motorcycles which already attract a GST rate of 28 per cent. (ANI)
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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)