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Context:
The GST Council defered reviewing life and health insurance premium in view of a Group of Ministers discussion on it.
Key Highlights:
- A Group of Ministers headed by Bihar Deputy Chief Minister Samrat Chaudhary will meet again to consider insurance levies before finalizing their recommendations.
- Ideas for rate rationalisation of 150 items, with the differential levy for garments, the 5% levies for packaged drinking water and bicycle under ₹10,000, were also put off.
- Tax rates were revised to exclude gene therapy and long-range surface-to-air missiles (LRSAMs) from tax while raising levies on the sales of used cars from 12% to 18%.
Gene Therapy
Gene therapy is a medical technique that treats or prevents disease by altering a person’s genes. It is an alternative to drugs or surgery. It’s often used to treat rare genetic diseases, but is also being studied for common diseases like cancer and degenerative diseases.
- Benefits
- Replacing a disease-causing Genetic diseases
- Genetically Modifying the human body in order to make major changes in the upcoming Generations.
Long Range Surface-to-Air Missiles (LRSAMs)
Long Range Surface-to-Air Missiles (LRSAMs) are advanced missiles that are launched from the ground in order to destroy enemy aircraft and missiles at long distances. They are basically used to protect important targets like cities, military bases, and naval vessels.
Also Read: Goods and Services Tax (GST) and Council Formation
