New Delhi: Union Finance Minister Nirmala Sitharaman,who chaired the 54th meeting of the Goods and Services Tax (GST) council on Monday, announced it’s decision to reduce the taxes on cancer medicines to 5 percent instead of the current 12 percent. She also said that GoM will be formed on compensation cess
Speaking to reporters after the meeting, Sitharaman said that the council has decided to form a Group of Ministers (GoM) to look into the GST rate on life and health insurance. It will be headed by Bihar’s Deputy Chief Minister Samrat Choudhary. The finance minister said that new members would also join the GoM, which will submit its report by October end.
Council decides to reduce GST on snacks
Apart from medicines, the council has also decided to reduce the GST on snacks. The council decided to reduce the GST on snacks to 12 percent from the 8 percent currently, Sitharaman informed. Talking about IGST, Sitharaman said that a team of secretaries will be formed to decide on how to take it forward. “Today, we have negative balance on IGST. The committee will be led by additional secretary in revenue,” Sitharaman said.
‘Excess IGST to be relieved’
“The excess IGST given to states will have to be retrieved. The modus operandi of IGST may be explained to states if needed. The committee will have officials from states and centre,” she added further. Sharing information on the Compensation cess, the finance minister said that the members decided to form a GoM on how to go forward on the same. Sithraman told reporters about the meeting. She further said that the next meeting of the GST council will be held in the month of November.
The GST council, in its 54th meeting Monday, decided to reduce the GST on cancer medicines, Union Finance Minister Nirmala Sitharaman announced. She also said that a GoM will be formed on compensation cess. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
