New Delhi: Cancer patients have to spend a lot of money on treatment. This is the reason why Finance Minister Nirmala Sitharaman made some cancer medicines cheaper in Budget 2024. Now she has also given relief to the patients by reducing GST on some cancer medicines in the GST Council Meeting. However, one will have to wait for cheap health and life insurance. A consensus has been reached on reducing the premium on this, but the final decision will be taken in the November meeting.

According to Finance Minister Nirmala Sitharaman, the GST rate on namkeen has potentially been reduced. Also, the GST rate on cancer medicines has been reduced. The GST Council has reduced the GST rate on cancer medicines from 12 to 5 percent. At the same time, 12 percent GST will now be levied on namkeen, which was 18 percent earlier.

Concessions to universities and research institutions 

Now three types of educational institutes will not have to pay GST on receiving grants. The Finance Minister said that now universities and research centers formed under central and state laws will not have to pay GST on receiving grants. Also, educational institutions exempted from income tax will also not have to pay GST on receiving research funds from public and private sources.

Key highlights of the GST Council Meeting: 

The GST rate on Namkeen was reduced from 18% to 12%.

GST on car, motorcycle seats increased from 18% to 28%

The Group of Ministers submitted its status report on rationalisation of GST rates.

GoM will also be formed to decide on compensation cess.