The GST Council has decided to lower the GST on cancer medicines.
This decision was made during the 54th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, on Monday.
The GST on cancer medicines will now be 5% instead of 12%.
The council has not yet made a decision regarding GST on premium payments for health and life insurance.
Additionally, the GST on helicopter services for religious travel has been reduced to 5% from 18%.
The matter of GST on insurance has been referred to the Group of Ministers
During the GST Council meeting led by Finance Minister Nirmala Sitharaman, the reduction of GST on health and life insurance premiums was discussed with state finance ministers.
The matter has been referred to the Group of Ministers (GOM) for further analysis.
The GOM is expected to submit its report by October 2024. The issue will be reviewed again at the GST Council meeting scheduled for November 2024.
You will now need to pay 5% GST on helicopter services for religious travel
In the GST Council meeting held on Monday, a new relief was announced for those traveling on religious pilgrimages.
The GST on helicopter services for such travel has been reduced to 5% from 18%.
Uttarakhand Finance Minister Premchand Aggarwal shared this update with ANI, noting that the GST Council has approved their request.
This reduced rate applies only to shared helicopter services. For chartered helicopter services, the GST will remain at 18%.
The GST issue on research grants has been referred to the Fitment Committee
The GST Council has referred the issue of GST on research grants received by educational institutions to the Fitment Committee.
A decision will be made once the committee submits its report. Additionally, the GST on online payments has also been sent to the Fitment Committee for review.
This topic has been under discussion for some time. The last GST Council meeting took place on June 22, 2024.
The committee includes the Union Finance Minister and the Finance Ministers of all states.
