10 Sept 2024
Goods and Services Tax (GST) Council is forming two groups of ministers: one to plan the GST framework on life and health insurance premiums, and the other to evaluate compensation cess.
The GST Council announced exemptions for services imported by foreign airlines from their establishments outside India, including flight training courses. Before this announcement, the foreign airlines faced a tax invoice of ₹39,000 crore.
The Council also sliced GST rates on some cancer medicines and savoury snacks like namkeens. Helicopter rides, except for charters, will also enjoy lower GST rates.
Educational Institutes established under the state and central government, including the IITs and those exempted from income tax, will no longer be liable to pay GST on R&D grants. This move will regularise the show-cause notices that the Directorate General of GST Intelligence (DGGI) issued to seven educational institutions.
The two Group of Ministers (GoM) have to submit a report on the GST on life and health insurance premiums by October end. Bihar Deputy Chief Minister Samrat Choudhary will lead the GoM and the panel on GST rate rationalisation.