Nirmala Sitharaman: Revenue Secretary Sanjay Malhotra said that many issues were discussed during the meeting. After this, it was decided to send them to the Fitment Committee and Group of Ministers.
Nirmala Sitharaman: 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 in discussion for a long time. The GST Council has announced a reduction in GST on cancer medicines, snacks and helicopter service for religious trips.
Finance Minister’s announcement, GST will not have to be paid on research fund
Finance Minister Nirmala Sitharaman has announced that if any university and research center formed 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 it was reported that various other educational institutions including IIT Delhi have received GST notice on funds for research. After this, the Finance Ministry was being heavily criticized. The Directorate General of GST Intelligence (DGGI) had sent a notice of tax demand to a total of 7 institutions including IIT Delhi.
Relief on Namkeen, Cancer Medicine and Helicopter Service
After the GST Council meeting, Revenue Secretary Sanjay Malhotra said that GST on Namkeen 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 patients will get relief. Sanjay Malhotra said that in view of the problems of elderly people going on religious journey, passengers using helicopter services on seat sharing basis have been given relief from GST. It has been reduced from 18% to 5%. This will provide relief to devotees going to pilgrimage places like Kedarnath, Badrinath and Vaishnodevi.
Decision will be taken later on insurance and online payment
Sanjay Malhotra said that in the GST Council meeting with the Finance Ministers of the states chaired by Finance Minister Nirmala Sitharaman, there was also a discussion on reducing the GST on the premium of Health Insurance and Life Insurance. After this, the issue has been sent to the Group of Ministers (GOM). This GOM will prepare its report by October 2024. This issue will be discussed in the GST Council meeting to be held in November 2024. The matter of GST on online payment has also been sent to the Fitment Committee.
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