The Goods and Services Tax (GST) Council’s meeting on Monday announced some significant tax cuts to make essential goods and services more affordable. The Council cut GST on select cancer medications to 5% and also cut the levy on fried snacks (namkeen) from 18% to 12%. The council further lowered the tax on shared helicopter rides to 5%. The Council also exempted research and development (R&D) activities funded by private and public sources, including universities, from GST. However, the GST Council deferred decisions on lowering GST on health and life insurance and extending the compensation cess beyond January 2026.
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First Published: Sep 10 2024 | 12:34 PM IST
