GST Council Meeting: At the 54th GST Council meeting, Union Finance Minister Nirmala Sitharaman The Government of India has announced the formation of a new Group of Ministers (GoM) dedicated to health and medical insurance. The announcement came during the meeting held at Sushma Swaraj Bhawan in New Delhi on Monday.
The newly created GoM, headed by the Deputy Chief Minister of Bihar and including additional members for this specific task, is tasked with reviewing and rationalising GST rates for health and medical insurance.
Its findings are expected to be presented by the end of October 2024, and a final decision will be taken at the Council meeting in November. After the meeting, Sitharaman, accompanied by senior Finance Ministry officials, gave a detailed briefing to the press on the key decisions taken.
He stressed that several urgent issues were addressed at the meeting and important decisions were outlined.
Rate adjustments
The GST Council has decided to reduce the tax rate on anti-cancer drugs from 12 per cent to 5 per cent and that on namkeen from 18 per cent to 12 per cent. These changes are aimed at making essential products more affordable.
New GoMs are formed
In addition to the Malaysian Government on Health and Medical Insurance, a new Malaysian Government will be formed to address issues related to compensation tax. These Malaysian Governments are tasked with reviewing current policies and suggesting necessary adjustments. Sitharaman also highlighted that the meeting reviewed updates from the existing Malaysian Governments on tariff rationalization and real estate, and provided a status report on online gaming and casinos. The latter has shown a 412 percent increase in revenue, reaching Rs 6,909 crore in the past six months. The new Malaysian Government on Health and Medical Insurance will have until the end of October to submit its report. The GST Council plans to review and finalize recommendations based on this report at its November meeting. This step reflects the Council’s continued commitment to address key issues and refine GST policies to better serve various sectors of the economy.
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