The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has approved significant rate changes on certain goods to address critical needs and streamline taxation.
Key changes in GST rates:
- Fortified rice kernels:
- GST on fortified rice kernels has been reduced to 5%.
- This move aims to make fortified rice more affordable, supporting nutrition initiatives.
- Gene therapy:
- Gene therapy, deemed critical in the healthcare sector, has been granted a complete exemption from GST.
- This exemption reflects the importance of advanced medical treatments and their accessibility for patients.
These changes underscore the Council’s efforts to align taxation policies with public health and welfare priorities while ensuring affordability of essential goods and services. Further updates from the Council meeting are awaited.
