GST Council forms committee to counter IGST ‘negative balance’, exempts research funds from GST

Updated:1 year, 10 months ago

New Delhi, September 09 (ANI): After the 54th GST Council meeting, Nirmala Sitharaman updated the media about the key decisions taken in the meeting and highlighted that research centres receiving funds are exempted from GST. She further informed that GST rates on cancer drugs are reduced to 12% to 5% to cut down further cost of treatment. Regarding IGST, FM emphasized on Council’s decision to form a committee under the chairmanship of the additional secretary of revenue a committee under the chairmanship of the additional secretary of revenue to combat the negative balance on IGST. Addressing the press, Nirmala Sitharaman said, “A committee of secretaries also decided today, for the purpose of explaining and also deciding on how to take the IGST (Integrated Goods and Services Tax) forward. A detailed discussion was held because today we have a negative balance on IGST. So in this regard, the council decided that to finalise the way forward, a committee under the chairmanship of the additional secretary of revenue will be set up with officers of both state and centre... Universities and research centres which have been established by a law of the Central government. Two, universities and research centers established by a law of the state governments or those which have obtained income tax exemption can receive research funds both from public which is government and from private and they shall not pay GST. They are exempted from paying the GST… GST rates on cancer drugs are also being brought down. It’s being reduced from 12% to 5% in order to further reduce the cost of cancer treatment.”

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GST Council forms committee to counter IGST ‘negative balance’, exempts research funds from GST

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