Regarding the decision on GST rate on goods, Finance Minister Nirmala Sitharaman said, the Council has decided to reduce the rate on Fortified Rice Grains (FRK) from 18% to 5% and has also exempted GST on gene therapy.
Further, he said, it has been decided to reduce the compensation rate to 0.1% on supplies to export traders at par with the GST rate on such supplies and to exempt from IGST imports of all equipment and consumable samples from part of the inspection team of the International Atomic Energy Agency (IAEA) subject to specified conditions.
On services, he said, the Council has decided to exempt GST on contributions made by general insurance companies from third party motor vehicle premiums collected by them to the Motor Vehicle Accident Fund, constituted under the section 164B of the Motor Vehicles Act 1988. .
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