Highlights from the GST Council Meeting on Cancer Drugs and Insurance
GST Rate Changes Announced
The 54th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, concluded with impactful announcements, particularly concerning cancer drugs and insurance rates. Key decisions included a reduction of GST on cancer medications from 12% to 5%, along with the establishment of a GoM to study GST exemptions for life and medical insurance.
Cancer Drugs
The decision to lower the GST on cancer drugs was praised by health experts, stating it would alleviate financial pressures on patients.
Insurance Rates and Other Changes
- Helicopter Travel Booking: GST reduced to 5% for religious travel.
- Namkeens: GST on snacks reduced from 18% to 12%.
- Metal Scrap: Introduction of GST under Reverse Charge Mechanism.
- Car Seats: GST increase from 18% to 28%.
Overall, these measures reflect a significant shift in policy aimed at reducing financial burdens and boosting the economy.
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