The 54th&nbsp;Goods and Services Tax&nbsp;Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key&nbsp;agenda items included reducing Goods and Services Tax&nbsp;(GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore. 
 
This meeting was chaired by the Finance Minister of India. State finance ministers and senior officials were also in attendance as detailed in a report by The Economic Times. Further, the meeting concluded at the Sushma Swaraj Bhawan, New Delhi.

Several important decisions were taken up by the panel for consideration including the slashing of GST on health insurance premiums, and a proposal to tax online payments above Rs 2,000 among other issues. The primary goal of the meeting was to ensure that collection efficiency could be improved and the process could be further streamlined for citizens.

Below are some important takeaways

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Formation of a new Group of Ministers (GoM) on medical insurance premium

The FM announced that the council has decided to form new Group of Ministers (GoM) on GST rate reduction on medical health insurance set up. It will be headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose. It will submit its report by October-end. "The GST council which will meet in November will finalize based on this report which will come from the GoM," Sitharaman said.

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GST on Online Gaming and Casinos

Nirmala Sitharaman, Finance Minister of India stated that following the announcement of GST on online gaming, there has been a 412 per cent jump in revenue, as per a status report submitted to the respective fitment committee.

GST on Cancer drugs has been reduced

Finance Minister Nirmala Sitharaman stated that the reduction in GST on cancer drugs from 12 per cent to 5 per cent is aimed at further reducing the overall cost of cancer treatment. This step is crucial as it is aimed to help citizens.

Group of Ministers on Cess

During the meeting, it was stated that primarily the total cess collection projected until March 2026 stands at Rs 8.66 lakh crore. Further, after settling the loan payments, a projected surplus of around Rs 40,000 crore is expected.

Select snacks are set to get cheaper

The GST council has decided to slash tax on selected snacks from 18 per cent to 12 per cent. This has been done to benefit the common citizens.

Govt Universities and research centers are exempted from paying GST

Universities and research centers established by central or state government laws, or those granted income tax exemptions, will now be exempt from paying Goods and Services Tax (GST) on research funding. The government also clarified that these institutions can receive research funds from both public and private sources without being liable for GST. This is a very important step that is aimed at boosting the research capabilities of the country.

FM confirmed that the position on compensation cess was thoroughly discussed in the meeting. She said that a Group of Ministers (GoM) will be formed to decide on the purpose of the cess and the way forward after March 2026, if the cess has to be collected after the said period as it cannot be called compensation cess. More deliberations will be done to find solutions to this particular issue.

On Integrated Goods and Services tax

In the meeting, key issues related to the Integrated Goods and Services Tax (IGST) balance were also discussed. The GST panel decided to set up a committee headed by the Additional Secretary of Revenue, who will address the negative IGST balance, focusing on retrieving excess IGST disbursed to states.

On rate rationalisation and renting of property

The Group of Ministers (GoM) presented their status report on rate rationalisation during the GST Council Meeting. FM Sitharaman stated that the GoM will convene on September 23 to discuss the same. Further, the GST panel has also decided to bring renting of commercial property by unregistered person to a registered person under Reverse Charge Mechanism (RCM), in order to prevent revenue leakage.

Expert views on the 54th GST council meeting

Shivam Mehta, Executive Partner, Lakshmikumaran and Sridharan, shared his insights on the 54th GST council meeting.

He stated, "The 54th GST council has maintained the pattern of addressing the recent issues and in turn attending to the representations of the industry. The recent exemptions proposed in the context of Government and Private grants received for research and development services seems to tackle the issue of taxability of grants received by research institutions. On the top of that, the decision to regularise the past demands will probably bring an end to the notices issued lately to institutions such as IIT-Delhi."

He further elaborated that, "The exemption given to foreign airlines with respect to import of services, without consideration from a related person or an establishment is a welcome move which will settle the ongoing disputes faced by foreign airlines. The exemption seems to have been carved out, specifically for the airlines industry, keeping in mind the status that airline industry enjoys in other countries. It is a customary practice to reimburse the expenses to the branches or related parties outside India and is not limited to the airline industry. Thus, the clarity on taxability in this domain is still awaited."

"While the insurance sector and countrymen (policy holders) at large, was eagerly waiting for some rate reduction in this council meeting, their hopes are not entirely lost since a Group of Ministers (GOM) has been constituted to look into the rate change. The cutoff date of October end shows the intent of the Government to cater to the demand of GST rate reduction/ exemption for health and life insurance premiums. The Government has also attempted to resolve the persistent request of the industry to provide for the mechanism to deal with ITC mismatch. It is a sound decision in light of the taxpayer’s struggling day and night with the ITC mismatch notices."

"Though the rate rationalization decision seems to have taken back seat as of now, the council has recommended various rate changes including rates on extruded or expanded products (namkeen), transportation of passengers by helicopters and other exemptions pertaining to services, ancillary to electricity distribution etc., which are clearly aimed at benefiting the end consumers."

Other crucial decisions

The GST panel decided to introduce Business-to-Customer (B2C) GST invoicing. This system for GST invoice management will take effect from October 1. It was also announced to surge GST on car seats from 18 per cent to 28 per cent in the meeting. Further, the panel also clarified that Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways would be classified under HSN 8415 attracting a GST rate of 28 per cent. Further,&nbsp;helicopter services for religious purposes like Kedarnath, and Badrinath have been reduced to 5 per cent&nbsp;from 18 per cent, more clarity and details of this decision are awaited.

 
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The 54th Goods and Services Tax Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key agenda items included reducing Goods and Services Tax (GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore.

The 54th Goods and Services Tax Council meeting, chaired by Finance Minister Nirmala Sitharaman, concluded on Monday in New Delhi. Key agenda items included reducing Goods and Services Tax (GST) on health insurance premiums, taxing online payments above Rs 2,000, and addressing Infosys' tax notice of Rs 32,400 crore. This meeting was chaired by the Finance Minister of India. State finance ministers and senior officials were also in attendance as detailed in a report by The Economic Times. Further, the meeting concluded at the Sushma Swaraj Bhawan, New Delhi. Several important decisions were taken up by the panel for consideration including the slashing of GST on health insurance premiums, and a proposal to tax online payments above Rs 2,000 among other issues. The primary goal of the meeting was to ensure that collection efficiency could be improved and the process could be further streamlined for citizens. Below are some important takeaways Formation of a new Group of Ministers (GoM) on medical insurance premium The FM announced that the council has decided to form new Group of Ministers (GoM) on GST rate reduction on medical health insurance set up. It will be headed by the Deputy Chief Minister of Bihar but with newer members added for this limited purpose. It will submit its report by October-end. "The GST council which will meet in November will finalize based on this report which will come from the GoM," Sitharaman said. GST on Online Gaming and Casinos Nirmala Sitharaman, Finance Minister of India stated that following the announcement of GST on online gaming, there has been a 412 per cent jump in revenue, as per a status report submitted to the respective fitment committee. GST on Cancer drugs has been reduced Finance Minister Nirmala Sitharaman stated that the reduction in GST on cancer drugs from 12 per cent to 5 per cent is aimed at further reducing the overall cost of cancer treatment. This step is crucial as it is aimed to help citizens. Group of Ministers on Cess During the meeting, it was stated that primarily the total cess collection projected until March 2026 stands at Rs 8.66 lakh crore. Further, after settling the loan payments, a projected surplus of around Rs 40,000 crore is expected. Select snacks are set to get cheaper The GST council has decided to slash tax on selected snacks from 18 per cent to 12 per cent. This has been done to benefit the common citizens. Govt Universities and research centers are exempted from paying GST Universities and research centers established by central or state government laws, or those granted income tax exemptions, will now be exempt from paying Goods and Services Tax (GST) on research funding. The government also clarified that these institutions can receive research funds from both public and private sources without being liable for GST. This is a very important step that is aimed at boosting the research capabilities of the country. FM confirmed that the position on compensation cess was thoroughly discussed in the meeting. She said that a Group of Ministers (GoM) will be formed to decide on the purpose of the cess and the way forward after March 2026, if the cess has to be collected after the said period as it cannot be called compensation cess. More deliberations will be done to find solutions to this particular issue. On Integrated Goods and Services tax In the meeting, key issues related to the Integrated Goods and Services Tax (IGST) balance were also discussed. The GST panel decided to set up a committee headed by the Additional Secretary of Revenue, who will address the negative IGST balance, focusing on retrieving excess IGST disbursed to states. On rate rationalisation and renting of property The Group of Ministers (GoM) presented their status report on rate rationalisation during the GST Council Meeting. FM Sitharaman stated that the GoM will convene on September 23 to discuss the same. Further, the GST panel has also decided to bring renting of commercial property by unregistered person to a registered person under Reverse Charge Mechanism (RCM), in order to prevent revenue leakage. Expert views on the 54th GST council meeting Shivam Mehta, Executive Partner, Lakshmikumaran and Sridharan, shared his insights on the 54th GST council meeting. He stated, "The 54th GST council has maintained the pattern of addressing the recent issues and in turn attending to the representations of the industry. The recent exemptions proposed in the context of Government and Private grants received for research and development services seems to tackle the issue of taxability of grants received by research institutions. On the top of that, the decision to regularise the past demands will probably bring an end to the notices issued lately to institutions such as IIT-Delhi." He further elaborated that, "The exemption given to foreign airlines with respect to import of services, without consideration from a related person or an establishment is a welcome move which will settle the ongoing disputes faced by foreign airlines. The exemption seems to have been carved out, specifically for the airlines industry, keeping in mind the status that airline industry enjoys in other countries. It is a customary practice to reimburse the expenses to the branches or related parties outside India and is not limited to the airline industry. Thus, the clarity on taxability in this domain is still awaited." "While the insurance sector and countrymen (policy holders) at large, was eagerly waiting for some rate reduction in this council meeting, their hopes are not entirely lost since a Group of Ministers (GOM) has been constituted to look into the rate change. The cutoff date of October end shows the intent of the Government to cater to the demand of GST rate reduction/ exemption for health and life insurance premiums. The Government has also attempted to resolve the persistent request of the industry to provide for the mechanism to deal with ITC mismatch. It is a sound decision in light of the taxpayer’s struggling day and night with the ITC mismatch notices." "Though the rate rationalization decision seems to have taken back seat as of now, the council has recommended various rate changes including rates on extruded or expanded products (namkeen), transportation of passengers by helicopters and other exemptions pertaining to services, ancillary to electricity distribution etc., which are clearly aimed at benefiting the end consumers." Other crucial decisions The GST panel decided to introduce Business-to-Customer (B2C) GST invoicing. This system for GST invoice management will take effect from October 1. It was also announced to surge GST on car seats from 18 per cent to 28 per cent in the meeting. Further, the panel also clarified that Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways would be classified under HSN 8415 attracting a GST rate of 28 per cent. Further, helicopter services for religious purposes like Kedarnath, and Badrinath have been reduced to 5 per cent from 18 per cent, more clarity and details of this decision are awaited.

GST council meeting key takeaways: Council reduces rate on cancer drugs to 5% from 12% and more

Pharmaceutical giant Novartis has signed a licencing agreement increasing access to a vital leukaemia treatment, a UN-backed public health organisation said Thursday, marking the first-ever such agreement for a cancer drug.

The deal will give selected manufacturers the opportunity to develop, manufacture and supply generic versions of nilotinib, a twice-daily oral medication used to treat chronic myeloid leukaemia (CML).

"Access to high-quality cancer medicines is a crucial component of the global health response to the cancer burden," said Charles Gore, head of the Medicines Patent Pool, the United Nations-backed public health organisation working to increase access to life-saving medicines in poorer countries. 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/science/report-more-accurate-test-for-cervical-cancer-developed-by-scientists-in-uk-austria-526789">Report: More accurate test for cervical cancer developed by scientists in UK, Austria</a>

While the remaining patent period for nilotinib was "relatively short", he said the licencing deal set "a vital precedent that I hope other companies will follow", Gore said in a statement.

Novartis president of global health and sustainability Lutz Hegemann said the company was "proud to be pioneering this new licensing model with MPP".

The drug is listed on the World Health Organization's List of Essential Medicines for the treatment of adults and children over the age of one suffering from CML.

Zeba Aziz, a medical oncologist at Hameed Latif Hospital in Lahore, Pakistan, said nilotinib offers an alternative to people who are resistant or intolerant to imatinib, the first-line treatment for CML -- about 20 per cent of those who contract the disease.

ALSO READ:&nbsp;<a href="https://www.wionews.com/science/study-finds-that-less-than-5-hours-of-sleep-can-lead-to-chronic-illnesses-like-heart-disease-cancer-diabetes-526736">Study finds that less than 5 hours of sleep can lead to chronic illnesses like heart disease, cancer, diabetes</a>

"I am glad more people in (low and middle-income countries) will have access to this essential cancer medicine," she said in the statement.

The licence includes seven middle-income countries: Egypt, Guatemala, Indonesia, Morocco, Pakistan, the Philippines and Tunisia, where patents on the product are pending or in force, MPP said.

The Access to Oncology Medicines (ATOM) Coalition welcomed the deal.

"This is a first for cancer treatment anywhere and demonstrates that the combined efforts of the private and public sectors can pave the way to help save millions of lives," ATOM co-chair Anil D-Cruz said in a separate statement. 
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Pharmaceutical giant Novartis has signed a licencing agreement increasing access to a vital leukaemia treatment, a UN-backed public health organisation said Thursday, marking the first-ever such agreement for a cancer drug.

Pharmaceutical giant Novartis has signed a licencing agreement increasing access to a vital leukaemia treatment, a UN-backed public health organisation said Thursday, marking the first-ever such agreement for a cancer drug. The deal will give selected manufacturers the opportunity to develop, manufacture and supply generic versions of nilotinib, a twice-daily oral medication used to treat chronic myeloid leukaemia (CML). "Access to high-quality cancer medicines is a crucial component of the global health response to the cancer burden," said Charles Gore, head of the Medicines Patent Pool, the United Nations-backed public health organisation working to increase access to life-saving medicines in poorer countries. ALSO READ: Report: More accurate test for cervical cancer developed by scientists in UK, Austria While the remaining patent period for nilotinib was "relatively short", he said the licencing deal set "a vital precedent that I hope other companies will follow", Gore said in a statement. Novartis president of global health and sustainability Lutz Hegemann said the company was "proud to be pioneering this new licensing model with MPP". The drug is listed on the World Health Organization's List of Essential Medicines for the treatment of adults and children over the age of one suffering from CML. Zeba Aziz, a medical oncologist at Hameed Latif Hospital in Lahore, Pakistan, said nilotinib offers an alternative to people who are resistant or intolerant to imatinib, the first-line treatment for CML -- about 20 per cent of those who contract the disease. ALSO READ: Study finds that less than 5 hours of sleep can lead to chronic illnesses like heart disease, cancer, diabetes "I am glad more people in (low and middle-income countries) will have access to this essential cancer medicine," she said in the statement. The licence includes seven middle-income countries: Egypt, Guatemala, Indonesia, Morocco, Pakistan, the Philippines and Tunisia, where patents on the product are pending or in force, MPP said. The Access to Oncology Medicines (ATOM) Coalition welcomed the deal. "This is a first for cancer treatment anywhere and demonstrates that the combined efforts of the private and public sectors can pave the way to help save millions of lives," ATOM co-chair Anil D-Cruz said in a separate statement. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

First-ever licencing deal struck for cancer drug

Health care ought to be affordable and accessible with this ambitious goal, Iran set up many drug factories. Today it is a world leader in the production of generic drugs.

They have even branched out into making cancer drugs. Middle east's biggest cancer drug producer is in Iran. But over the past two years, drug production has dropped. Vital cancer drugs went off the shelf drug companies attribute this to the US Sanctions.

The import restriction is not on drug salts alone equipment used by the drug companies face sanctions under the label "dual-use".

Procuring spare parts for existing machines has become an uphill task what Iran has lost due to sanctions is immense.

The US exported 26 million dollars worth pharmaceutical products to Iran. Since 2018, this has fallen to over 8 million dollars.&nbsp;

French pharmaceutical exports till 2018 were 218 million dollars after sanctions, they fell by 25 per cent to 164 million dollars.

Exports from Swiss pharma companies were 240 million dollars in 2017 within a year, the business dropped to 167 million dollars.

According to Dr Reza Mostofi, general manage of Actoverco production plant "One of the other products that we are producing is Rituximab which is a monoclonal antibody; Rituximab is used in leukaemia, in breast cancer and many other types of cancer, that's the main immunotherapy drug for the patients. So for some times, we haven't been able to import the ingredients of this material so our line for Rituximab is now stopped."

"In radiotherapy or nuclear medicine, these sanctions have had an impact. We are producers of nuclear medicine ourselves, but again, some aspects of them have been sanctioned under the pretence of multiple functions," said Kianoosh Jahanpoor, Iran Health Ministry Spokesman.

Sanctions impact on Iran

The United States of America 
$ 26 million: US pharma exports till 2018 
$ 8.6 million: US pharma exports in 2018-19

France&nbsp; 
Pre-sanction: $ 218 million pharma exports&nbsp; 
Post-sanction: $ 164 million (drop of 25%)

Switzerland 
Pharma exports in 2017: $ 240 million in 2017 
Pharma exports in 2018: $ 167 million in 2018

Health care ought to be affordable and accessible with this ambitious goal, Iran set up many drug factories. Today it is a world leader in the production of generic drugs.

Health care ought to be affordable and accessible with this ambitious goal, Iran set up many drug factories. Today it is a world leader in the production of generic drugs. They have even branched out into making cancer drugs. Middle east's biggest cancer drug producer is in Iran. But over the past two years, drug production has dropped. Vital cancer drugs went off the shelf drug companies attribute this to the US Sanctions. The import restriction is not on drug salts alone equipment used by the drug companies face sanctions under the label "dual-use". Procuring spare parts for existing machines has become an uphill task what Iran has lost due to sanctions is immense. The US exported 26 million dollars worth pharmaceutical products to Iran. Since 2018, this has fallen to over 8 million dollars. French pharmaceutical exports till 2018 were 218 million dollars after sanctions, they fell by 25 per cent to 164 million dollars. Exports from Swiss pharma companies were 240 million dollars in 2017 within a year, the business dropped to 167 million dollars. According to Dr Reza Mostofi, general manage of Actoverco production plant "One of the other products that we are producing is Rituximab which is a monoclonal antibody; Rituximab is used in leukaemia, in breast cancer and many other types of cancer, that's the main immunotherapy drug for the patients. So for some times, we haven't been able to import the ingredients of this material so our line for Rituximab is now stopped." "In radiotherapy or nuclear medicine, these sanctions have had an impact. We are producers of nuclear medicine ourselves, but again, some aspects of them have been sanctioned under the pretence of multiple functions," said Kianoosh Jahanpoor, Iran Health Ministry Spokesman. Sanctions impact on Iran The United States of America $ 26 million: US pharma exports till 2018 $ 8.6 million: US pharma exports in 2018-19 France Pre-sanction: $ 218 million pharma exports Post-sanction: $ 164 million (drop of 25%) Switzerland Pharma exports in 2017: $ 240 million in 2017 Pharma exports in 2018: $ 167 million in 2018

US sanctions cut off Iranians' access to medicine

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. 
 
The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&amp;P 500 fell less than 0.1 per cent to 2,182.64. 
 
The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 
 
Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. 
 
&quot;Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises,&quot; Low told AFP. 
 
Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. 
 
Pfizer was down 0.4 per cent and Johnson &amp; Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent 
 
Social media giant Twitter lost 2.3 per cent. 
 
Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen&#39;s speech. 
 
&quot;We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower,&quot; he said. &quot;Just trading sideways for most of the week.&quot; 
 
Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. 
 
Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday&#39;s close. 
 
(AFP)

Chris Low of FTN Financial said the markets were in wait-and-see mode with a much-anticipated speech from Federal Reserve Chair Janet Yellen

Cancer drugmaker Medivation yesterday gained nearly 20 per cent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. The Dow Jones Industrial Average closed down 0.1 per cent at 18,529.42 while the S&P 500 fell less than 0.1 per cent to 2,182.64. The tech-heavy Nasdaq, where Medivation is listed, rose 0.1 per cent 5,244.60 Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming. "Traders are looking at this and are probably reluctant to take a position on either side of the market as long as there are opportunities for surprises," Low told AFP. Pfizer on Monday announced it had reached a deal to purchase Medivation, which manufactures a prized prostate cancer medication, for $14 billion. Pfizer was down 0.4 per cent and Johnson & Johnson fell almost 0.7 per cent. But Merck and Eli Lilly were both up 0.3 per cent Social media giant Twitter lost 2.3 per cent. Peter Cardillo of First Standard Financial Company told AFP that markets would likely continue to move sideways until Yellen's speech. "We are looking at the Jackson Hole meeting later this week and I think this is going to keep the market in a range, a little higher, a little lower," he said. "Just trading sideways for most of the week." Oil stocks were split on Monday as crude prices sank, with Chevron Corp down 0.4 percent but Exxon Mobil up 0.2 per cent. Oil services contractor Halliburton fell 3.8 per cent while Baker Hughes was 1.7 per cent lower than Friday's close. (AFP)

Medivation surges on Pfizer takeover as US markets stay flat