Business News Desk – The 54th meeting of the GST Council concluded on Monday. Many major decisions were taken in this meeting chaired by Finance Minister Nirmala Sitharaman. However, the GST Council has decided to postpone some issues that have been under discussion for a long time. The GST Council has announced a reduction in GST on cancer medicines, snacks and helicopter service for religious tours.
Finance Minister announced, GST will not be required on research fund
Finance Minister Nirmala Sitharaman has announced that if any university and research center established by the law of the state or central government receives funds from the government or private sector, then they will not have to pay any GST on it. Actually, last month there was news that many other educational institutions including IIT Delhi have received GST notice on funds for research. After this, the Finance Ministry was being criticized a lot. Directorate General of GST Intelligence (DGGI) had sent a notice of tax demand to a total of 7 institutions including IIT Delhi.
Relief on snacks, cancer medicine and helicopter service
After the GST Council meeting, Revenue Secretary Sanjay Malhotra said that GST on snacks has now been reduced from 18% to 12%. Apart from this, 5% GST will be levied on cancer medicines instead of 12%. This will make cancer medicines much cheaper and provide relief to patients. Sanjay Malhotra said that in view of the problems faced by the elderly going on religious pilgrimage, passengers using helicopter service on seat sharing basis have been given relief from GST. It has been reduced from 18% to 5%. This will provide relief to devotees visiting pilgrimage places like Kedarnath, Badrinath and Vaishnodevi.
Decision on insurance and online payment will be taken later
Sanjay Malhotra informed that the GST Council meeting chaired by Finance Minister Nirmala Sitharaman with the Finance Ministers of the states also discussed reducing the GST on health insurance and life insurance premiums. After this, the issue has been referred to the Group of Ministers (GoM). This GoM will prepare its report by October 2024. The issue will be discussed in the GST Council meeting to be held in November 2024. The matter of GST on online payments has also been referred to the Fitment Committee.
