MUMBAI: Shreya Hanchate, Research Analyst at Bonanza says, "In the 54th GST council meeting Finance Minister announced GST rates on selected snacks will be reduced from 18 per cent to 12 per cent. This move will help companies like Pratap snakes and other counters which fall in the similar category."
#GST #GSTcouncilMeeting #Bonanza
#GST #GSTcouncilMeeting #Bonanza
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NewsTranscript
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.