GST council has decided to reduce rate of Goods and Service Tax (GST) on cancer drugs from 12% to 5%.
The decision was taken in the 54th GST Council meeting held in New Delhi on 09 September 2024.
The meeting was chaired by Union Finance Minister Nirmala Sitharaman.
The meeting was attended by Minister of State for Finance Pankaj Chaudhary and Finance Ministers of States.
Union Finance Minister Nirmala Sitharaman said GST on selected snacks has also been cut from 18% to 12%.
According to Union Finance Minister, grants to universities established by the law of Centre, state governments and those who have got income tax exemption are not subject to the Goods and Services Tax.
The Group of Ministers (GoM) was established by the GST Council with the goal of lowering the tax rate on health and life insurance.
By the end of October 2024, the Group of Ministers on GST rate reduction on medical health insurance will give its report.
The matter of rate decrease will be decided at a meeting scheduled for November.
The formation of a Group of Ministers on Compensation Cess has also been approved by the GST Council.
The Group of Ministers on Rate Rationalisation and Real Estate presented the status reports, according to the Union Finance Minister.
She said, status report on online gaming and casinos was also submitted.
According to Union Finance Minister, in just six months, the revenue generated by online gaming has surged by 412%, or 6,909 crore rupees.
Car seats now carry a 28 percent GST charge instead of the previous 18 percent rate.
The GST rate on Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways would be 28%.
GST shall not apply to certified flight training courses delivered by DGCA-licensed flight Training Organisations.
