GUWAHATI: The GST council has slashed Goods and Service Tax (GST) on some cancer drugs by reducing the rate from 12 percent to 5 percent.
The decision was taken during the 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, which was held in New Delhi on Monday.
Sitharaman said the decision to reduce the GST rate on cancer drugs has been taken to bring down the cost of cancer treatment.
It decided to lower the levy on cancer drugs Trastuzumab Deruxtecan, Osimertinib, and Durvalumab from 12 percent to 5 percent.
The move is aimed at making life-saving drugs accessible and improving health outcomes.
Hailing the initiative of the Central government, Assam Chief Minister Himanta Biswa Sarma said, “We are extremely grateful to Hon’ble Finance Minister Smt @nsitharaman ji and the entire GST Council for their decision to reduce GST on cancer drugs from 12% to 5%.”
The reduction in rates will be a big boost to patients and supplement ongoing investments in cancer care, CM Sarma said.
We are extremely grateful to Hon’ble Finance Minister Smt @nsitharaman ji and the entire GST Council for their decision to reduce GST on cancer drugs from 12% to 5%
The reduction in rates will be a big boost to patients and supplement ongoing investments in cancer care. https://t.co/BkWLRK2Dsd
— Himanta Biswa Sarma (@himantabiswa) September 9, 2024
The GST Council also reduced the levy of travel by helicopters on a ‘seat-share basis’ to 5%, and lowered the tax on namkeen (fried snacks) from 18 percent to 12 percent.
It also agreed to the Centre’s proposal to exempt research and development (R&D) funded by private and public sources, including universities supported by central and state laws and those benefiting from income tax exemptions, from GST.
