New Delhi. The GST council has decided to slash Goods and Service Tax (GST) on cancer drugs by reducing the rate from 12% to 5%. The decision was taken in the 54th GST Council meeting which was held in New Delhi. Union Finance Minister Nirmala Sitharaman chaired the meeting.
FM said, the decision to reduce the GST rate on cancer drugs has been taken to bring down the cost of cancer treatment. She said, the GST on selected snacks has also been reduced from 18% to 12%.
Funds given for research to universities established by the law of Centre, state governments, and those who have obtained income tax exemption are exempted from GST.
The Finance Minister said, GST Council decided to set up a Group of Ministers, GoM on reducing tax rate on life and health insurance. The Group of Ministers on GST rate reduction on medical health insurance will submit its report by the end of October this year and a meeting to be held in November will decide on the issue of rate reduction.
The GST Council has also agreed to form a Group of Ministers on compensation cess. The Group of Ministers on rate rationalisation and real estate submitted the status reports. She said, status report on online gaming and casinos was also submitted. Revenue from online gaming has increased by 412 percent amounting to six thousand 909 crore rupees in 6 months.
