In the 54th meeting of the GST Council held on Monday, many important issues were discussed and decisions were taken on these. GST rates have been reduced on some goods, while the burden has been increased on some. Meanwhile, if we look at what has become cheaper, this list includes everything from cancer medicines to namkeen. However, there were some major issues on which no decision could be taken. Let us understand the major decisions of the council in 10 points.
Agreement on insurance, but the matter is stuck
Among the most important issues discussed in this GST Council meeting held under the leadership of Finance Minister Nirmala Sitharaman, the matter of 18% GST on online transactions (by debit and credit cards) up to Rs 2000 got stuck and no decision could be taken on it, after discussion it was sent to the Fitment Committee. While the second big issue was the reduction of GST on life and health insurance, regarding which a relief news was received. No, it is not going to become cheaper immediately, but at present there is a broad consensus on reducing it from 18% and the final decision will be taken in the next meeting of the GST Council.
Cancer medicine is cheaper: In the GST Council meeting, it has been decided to reduce the GST on medicines used in the treatment of cancer from 12% to 5%. This decision will reduce the cost of cancer treatment.
Cheaper insurance premium: Most of the states were in favor of reducing the 18 percent GST on life and health insurance premium and a consensus was reached on this during the discussion in the meeting. However, a decision on this will come in the GST meeting to be held in November 2024.
The price of snacks will decrease: The next relief news in the GST Council meeting is that the Council has decided to reduce the GST on Namkeen from 18% to 12%.
Pilgrimage by helicopter is cheaper: If you go to a pilgrimage site and use a rented helicopter there, then your expenses are going to be reduced. The GST Council has decided to reduce the GST on pilgrimage by helicopter from 18 percent to 5 percent. The Finance Minister of Uttarakhand shared information in this regard.
Exemption on import of services: Import of services by foreign airline companies has been exempted. According to Revenue Secretary Sanjay Malhotra, it was decided to exempt services imported by companies operating foreign airlines from tax.
Car seats are expensive: While the government has given relief on many things, the GST Council has decided to increase the tax on car seat from 18 percent to 28 percent.
Great revenue from online gaming
Addressing a press conference held in the evening after the all-day GST Council meeting, Finance Minister Nirmala Sitharaman said that the half-yearly review of GST on online gaming, casinos and horse racing has been done. Presenting the figures, she said that the revenue from online gaming increased by 412% to Rs 6,909 crore from October 2023 to March 2024, the government levies 28 percent GST on online gaming. While GST revenue from casinos has jumped by 30%.
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