Decision to reduce GST on cancer medicines to 5%
54th GST Council Meeting: The 54th GST Council meeting was held under the chairmanship of Union Finance Minister Nirmala Sitharaman. Not only the industry but also the common people had a special eye on this meeting. Actually, along with the industry, the common people of the country also had high expectations from this meeting of the GST Council. Like every time, this time too many big decisions were taken in the GST Council meeting. Let us know what big decisions have been taken in this meeting so far. Let us tell you that the GST Council has currently postponed the proposal to impose GST on online payments of more than Rs 2,000.
1. Cancer medicine will be cheaper
The GST Council has decided to reduce the GST on medicines used in cancer treatment to 5 percent. Till now, 12 percent GST was being levied on cancer medicines. This big decision of the government will reduce the cost of cancer treatment.
2. Insurance policy premium will be cheaper
There has been a consensus on reducing the 18% GST levied on the premium of health and life insurance policies. However, the final decision on how much GST will be levied on the premium will be taken in the next meeting of the GST Council in November.
3. Agreement on the formation of GoM
Union Finance Minister Nirmala Sitharaman said that in the GST Council meeting, a consensus has been reached on the formation of a Group of Ministers (GoM) on Cess Compensation.
4. The price of snacks will decrease
The GST Council has decided to reduce the GST on Namkeen from 18 to 12 percent.
5. Meetings will also be held outside Delhi
Till now, the GST Council meeting is held only in Delhi, the 55th meeting will also be held in Delhi and then the 56th meeting will also be held in other states outside Delhi.
6. Exemption will be available on import of services
The GST Council has decided to exempt import of services by foreign airline companies.
7. Car seats will be expensive
GST on car seats has been increased from 18 per cent to 28 per cent.
8. Pilgrimage will also become cheaper by helicopter
The GST Council has accepted the demand to reduce the GST on pilgrimage by helicopter from 18 percent to 5 percent.
9. Online Gaming
The revenue from online gaming has increased by a whopping 412% and the collection has increased to Rs 6,909 crore in just 6 months. The government levies 28 percent GST on online gaming.
10. Revenue from casinos also increased
There has also been a huge increase of 30 percent in the revenue received by the government from casinos. 28 percent GST is levied on casinos and no change has been made in this in this meeting.
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