Recently, the GST Council decided to reduce the Goods and Services Tax (GST) rate on cancer medications from 12% to 5%.
This decision was taken during the 54th GST Council meeting in New Delhi. Which was led by Union Finance Minister Nirmala Sitharaman.
In addition to this, the GST rate on namkeens snacks is also decreased from 18% to 12%. Further, the council also approved a GST exemption for funds allocated to government-established universities and those with income tax exemptions to promote research and innovation.
Conversely, the GST rate on car seats has been increased from 18% to 28%, and Roof Mounted Package Unit (RMPU) air conditioning machines for railways will now be taxed at 28%. However, approved flying training courses conducted by DGCA-authorized organizations will be exempt from GST.
Meanwhile, the GST Council has also established a Group of Ministers (GoM) to explore the possibility of reducing the tax rate on life and health insurance, with recommendations expected by the end of October and a final decision anticipated in November.
Additionally, another GoM has been formed to address issues related to compensation cess. The council has received updates from GoMs on rate rationalization, real estate, online gaming, and casinos. Online gaming revenue has surged by 412%, reaching Rs 6909 crore in just six months.
Must Read: GST Council Meeting: Impact of 28% Tax on Online Gaming
