GST On Cancer Drugs Reduced From 12% To 5%; Check Other Key Decisions

New Delhi: In a welcome move, the GST rate on cancer drugs has been reduced from 12% to 5%, Union Finance Minister Nirmala Sitharaman informed after Monday’s 54th GST Council meeting.

GST on helicopter services, specifically for pilgrims and tourists, will be reduced from 18% to 5%, while the rate on namkeens and savoury items has been lowered from 18% to 12%.

Following are the other key announcements made by the Finance Minister after the meeting:

* Funds given for research and development to Central and state government universities and those who have obtained Income Tax exemption would be exempted from GST.

* Two new Group of Ministers (GoMs) have been formed — one on medical and health insurance, and another to decide utilisation of compensation cess post March 2025.

* New members added to GoM on rate rationalisation for the limited purpose of medical insurance; report to be submitted in October.

* Status report on online gaming and casinos was submitted to the council; revenue from gambling up 412% to Rs 6,909 crore in a period of six months.

* GST Council will next meet in November 2024 to finalise decisions based on the findings of the GoM report.