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GST council meeting: What has become cheaper for you now
The GST council announced tax cuts on items including cancer drugs, namkeens, and helicopter travel. GST on cancer drugs is reduced from 12% to 5%.
The GST council announced tax cuts on several items and services after the conclusion of the 54th GST council meeting. Finance minister Nirmala Sitharaman said that the reduced rates will apply prospectively. Here's a list of things that will now be cheaper:
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1. Cancer drugs: GST on cancer drugs- Trastuzumab Deruxtecan, Osimertinib and Durvalumab- has been reduced from 12 to 5 per cent.
2. Namkeens and savoury food products: GST on namkeen and savoury food products will be reduced from 18 to 12 per cent and rate of 5 per cent will continue on unfried or uncooked snack pellets.
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3. Helicopter travel: Taxes on helicopter services for religious travel has been cut to 5 per cent. Uttarakhand finance minister Prem Chand Agarwal said as per PTI, “Helicopter services for religious purposes like Kedarnath, Badrinath have been reduced to 5 from 18 per cent. There was no clarity on this. After this, there will be clarity."
4. Car and motorcycle seats: Rate on car seats classifiable under 9401 will be increased from 18 to 28 per cent and the uniform rate of 28% will be applicable prospectively for car seats of motor cars.
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5. Research funds: Research funding for higher educational institutions and research centres will now be exempt from GST. This is applicable for universities and research centres that have been established by the law of the state or central government.
