00:00So, during its session in June, the Council had unveiled a variety of measures aimed at
00:04benefiting taxpayers, such as waiving interest and penalties on demand notice issued during the
00:10first three years of GST, provided that a full tax would be paid by 31 March 2025.
00:18In today's meeting, many such agendas were discussed and here is a summary of the same.
00:24The Finance Minister disclosed that the Council has resolved to establish a new group of ministers
00:29focused on reducing the GST rates on medical health insurance. It will be chaired by Deputy
00:35Chief Minister of Bihar and will also include additional members for this specific purpose.
00:41The Finance Minister also announced that the GST rates on cancer drugs will be reduced from
00:4712% to 5% in order to decrease the overall cost of cancer treatment. This move will benefit
00:54significantly many selected pharma companies which will have a higher share of oncology-based
01:00products. The GST on religious travel via helicopter has also been reduced from 18% to 5%,
01:08potentially leading to a reduced cost for helicopter travel to pilgrimages.
01:14Further, the Council has approved a reduction on tax for select snacks from 18% to 12% and
01:22this significantly helps companies like Pratap Snacks and others which fall within a similar
01:27category. In meeting, the Council also made a decision to exempt the import of services by
01:34foreign airline companies. Lastly, the panel discussed and determined that the renting of
01:39commercial property by unregistered person to a registered person will be subject to reverse
01:46charge mechanism i.e. RCM in order to prevent revenue leakages.
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