GST Council Meeting: Tax Rate Changes Affecting Cancer Drugs, Helicopter Travel, and Namkeens
Significant Updates from the GST Council Meeting
The 54th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, concluded with announcements impacting various sectors. GST rates have been cut on cancer drugs, helicopter travel for pilgrimages, and snacks like namkeen.
Key Changes in GST Rates
- Cancer Drugs: GST reduced from 12% to 5% for essential medications like Trastuzumab Deruxtecan.
- Helicopter Travel: Tax on helicopter services for religious travel decreased to 5%.
- Namkeens: GST rate lowered from 18% to 12% to relieve pressure on consumers.
Additional Insights from the Meeting
The Council also engaged a Group of Ministers to consider exemptions on life and medical insurance GST premia. This strategic move reflects the urgency around rate rationalisation, essential for easing financial burdens on consumers.
Future Considerations
The next GST meeting is anticipated to address further rate rationalisation and e-invoicing expansions, crucial for the industry's adaptation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.