GST Council Meeting: Lack of money will not become the reason for death, cancer treatment in the country will be cheaper
GST Council Meeting: The GST Council has reduced the tax rate on three cancer drugs trastuzumab deruxtecan osimertinib and durvalumab from 12 percent to five percent. GST Council has reduced the tax on medicines used in the treatment of breast, lung, gall bladder, and gallbladder-related cancers. This decision was taken after the 54th meeting of the GST Council.
Cancer treatments will become less expensive in the future. The GST Council reduced the tax rate on three cancer drugs, trastuzumab deruxtecan, osimertinib, and durvalumab, from 12% to 5%. These medications are used to treat breast cancer, lung cancer, and gallbladder and gallbladder-related cancers.
Apart from that, it has been decided to reduce Namkeen's 18 percent GST to 12 percent. The 18% GST on car seats, on the other hand, has been increased to 28 percent. Motorcycle seats are already subject to GST at 28 percent. Finance Minister Nirmala Sitharaman announced after the 54th GST Council meeting that another important decision had been made.
Now GST will not be levied on any kind of research fund received by a government or private university from the government or private institution. Till now, if a private university received funds or money for research from a private institution, then GST was levied on it at the rate of 18 percent.
Sitharaman said that on the personal request of Prime Minister Narendra Modi, she placed this proposal in the council meeting and the Finance Minister of Bengal first supported her proposal and then everyone agreed to it.
The Finance Minister said that while imposing 28 percent GST on online gaming in October last year, it was said that it would be reviewed after six months. In the review report, it was found that the revenue of online gaming has increased by 412 percent in the last six months.
This has been compared with the revenue earned in the six months before October. In the six months before October, online gaming companies earned a revenue of Rs 1349 crore, whereas in the six months after October last year, these companies earned a revenue of Rs 6909 crore.
Online gaming companies are demanding the government abolish 28 percent GST, but after such a huge increase in revenue, this possibility has ended completely.
In the council meeting, it was also decided to start giving e-bills to businesses to consumers on a pilot basis. Right now it will be started for some items and in some states. This will make it easier for retail traders or any consumer to get GST returns. Five percent GST will be levied on seat sharing in helicopters as before.
