On Monday, the Union Finance Minister Nirmala Sitharaman briefed the reporters about the outcome of the 54th GST Council meeting. She said that the council has decided to have a GoM (Group of Ministers) to check the GST rates on life and health insurance and cut GST on cancer drugs and namkeens.
She also added that the GoM will be headed by the Deputy Chief Minister of Bihar, Samrat Choudhary. According to the statement made by the Union Minister, the GoM will be submitting its report by the end of October.
This comes after the taxation issue on health and life insurance premiums was raised by the opposition. The Transport Minister, Nitin Gadkari, has also written about this to the Union Finance Minister.
Sitharaman has also said that the GST Council has decided to reduce the rate of cancer drugs to 5% from 12%.
The exemption of three additional cancer drugs from customs duty was announced by the minister when she presented the Union Budget 2024-25 in July. The three cancer drugs named by the minister are Durvalumab, Osimertinib, and Trastuzumab Deruxtecan.
The Union Finance Minister also said that the GoM will deal with issues concerning cess. The compensation cess is also expected to end by March 2026.