GST Council Cuts Tax on Cancer Drugs, Helicopters

The 54th GST Council meeting led to significant tax reductions aimed at making essential goods and services more affordable. Key decisions included reducing GST on select cancer medications to 5%, exempting funds for research and development, and lowering the tax on shared helicopter rides to 5%. The Council also formed a Group of Ministers (GoM) to explore GST exemptions for health and life insurance premiums, with recommendations expected by October. Additionally, a notable exemption was granted for the import of services by foreign airlines, which is expected to boost global confidence in India's aviation sector. Wet grinder manufacturers are also seeking a GST rate reduction from 18% to 12% due to its high prevalence in South Indian households.