look news india
New Delhi: Cancer patients have to spend a lot of money on treatment. This is the reason why Finance Minister Nirmala Sitharaman made some cancer medicines cheaper in Budget 2024. Now in the GST Council meeting too, she has given relief to the patients by reducing GST on some cancer medicines. However, we will have to wait for cheap health and life insurance. Consensus has been reached on premium reduction but the final decision will be taken in the November meeting.
According to Finance Minister Nirmala Sitharaman, the GST rate on salt is likely to be reduced. Along with this, the GST rate on cancer medicines has also been reduced. The GST Council has reduced the GST rate on cancer medicines from 12 to 5 percent. Along with this, now 12 percent GST will be levied on salt, which was 18 percent earlier.
Concessions to Universities and Research Institutes
Now three types of educational institutions will not have to pay GST on receiving grants. The Finance Minister said that now universities and research centers established under central and state laws will not have to pay GST on receiving grants. Apart from this, income tax-exempt educational institutions will also not have to pay GST on receiving research funds from public and private sources.
Highlights of the GST Council meeting:
-
- The GST rate on salt has been reduced from 18 per cent to 12 per cent.
-
- GST on car and motorcycle seats has been increased from 18% to 28%
-
- The Group of Ministers presented its status report on rationalisation of GST rates.
- A GoM will also be formed to decide on compensation cess.