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.
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