The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today on 21-12-24 at Jaisalmer, Rajasthan. The press gathering was addressed by ADG PIB.The press conference is still going on, and the FM, while addressing the press, has informed that the International Atomic Energy ( IAEA ) samples will be exempt from Integrated Goods and Service Tax.
This is definitely very important, as this exemption aims to facilitate the IAEA’s operations in India by reducing the tax burden on essential imports, which will facilitate in promoting international collaboration in nuclear research and development.
As India is at its peak in its development, this decision is undoubtedly going to enhance its growth and widen its base in atomic energy.
The Council decided to exempt Integrated Goods and Services Tax ( IGST ) on samples imported by the International Atomic Energy Agency ( IAEA ), which is a huge milestone.
Complete Supreme Court Judgment on GST from 2017 to 2024 with Free E-Book Access, Click here
For those who don’t know about the IAEA, it can be defined as the primary national security goal of the United States is to stop the spread of nuclear weapons, and the IAEA helps achieve this goal. With the goal to ensure that nuclear activities remain peaceful and to identify and prevent their diversion, including to weapons-related purposes, it employs nuclear safeguards, which include monitoring, inspection, information analysis, and other activities. The IAEA specifically carries out the comprehensive safeguards agreements required by the NPT, which act as a first line of defence against the proliferation of nuclear weapons.
This exemption is subject to specific conditions aimed at promoting international cooperation in nuclear research and compliance with global commitments. Let’s hope this will help the nation prosper.
Other important decisions include that the lifesaving drugs will be fully exempt from GST and that the fresh green and black peppers, when supplied by the agriculturists, will be exempt from GST.
Complete Supreme Court Judgment on GST from 2017 to 2024 with Free E-Book Access, Click here
The 55th GST Council meeting portrays the government’s mission to make the GST system better and to strengthen its international commitments.
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