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Council sets up GoM on reduction in GST on health insurance

Council sets up GoM on reduction in GST on health insurance

GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens.Briefing reporters on the outcome of the 54th GST Council meeting in new Delhi, Sitharaman said the GoM will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation.The GoM will be submitting its report by October end, she said.

Sitharaman said, "GST rates on cancer drugs are also being brought down. It's being reduced from 12% to 5% in order to further reduce the cost of cancer treatment. Then also decision on Namkeen's extruded expanded savory food items. GST rate on these is being reduced prospectively, not retrospectively, prospectively from 18 to 12%."The GST Council has  decided that the funds given for research and development to Central and State Government universities and those who have obtained Income Tax Exemption would be exempted from GST," she said.

Sitharaman further said that a GoM will also be constituted to deal with the issue concerning compensation cess which will cease after March 2026.The Council also deliberated on the GoM's status report on rate rationalisation and online gaming.The minister further said that a committee of secretaries headed by Additional Secretary (Revenue) will be formed on the IGST which is currently facing a negative balance. It will look into ways to retrieve the money from states.

 

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