Last Updated Sep - 11 - 2024, 04:43 PM | Source : TOI | Visitors : 12
The GST Council’s decision to exempt research and development (R&D) grants from GST is set to revolutionize higher education in India. This move is expected to
The GST Council’s decision to remove the GST from funding for research and development (R&D) at educational institutions is a game-changer for higher education in India. In addition to encouraging public-private collaborations, increasing innovation, and expanding the potential for global competitiveness, it lessens budgetary responsibilities. All of these will significantly contribute to the development of India’s research environment and the realization of the “Atmanirbhar Bharat” goal.
Research and development (R&D) grants to educational institutions should be excluded from GST, according to a crucial recommendation made by the Goods and Services Tax (GST) Council. This decision has the potential to stimulate innovation and research across the nation.
This exemption applies to both public and private sector grants given to recognized institutions, including those under state or central laws, or those with exemptions under the Income Tax Act.
Finance Minister Nirmala Sitharaman announced the decision during the 54th meeting of the GST Council. “R&D grants to three categories of research institutions, colleges, or universities will be exempted from GST. These include those recognized under state laws, central laws, or institutions that have income tax exemptions. The exemption will be available to both government and private institutions, and there will be no threshold,” she said.
This decision has been welcomed by the academia and research communities, as it holds the potential to positively impact the future of scientific advancement and higher education in India. Here are the major reasons for applauding this move.
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