Life-saving drugs, health services to become cheaper with new GST rates: Details
Indian Pharmaceutical Alliance Secretary General Sudarshan Jain stated that most drugs, which were previously taxed at 12%, will incur a GST of just about 5% after the implementation of the new regime.
Indian Pharmaceutical Alliance Secretary General Sudarshan Jain stated that most drugs, which were previously taxed at 12%, will incur a GST of just about 5% after the implementation of the new regime.
Indian Pharmaceutical Alliance Secretary General Sudarshan Jain stated that most drugs, which were previously taxed at 12%, will incur a GST of just about 5% after the implementation of the new regime.
Monday, September 22, will be a good day if you have plans to visit a pharmacy to purchase essential medicines or devices. New GST reforms are all set to come into effect in the country from Monday, and according to experts, this will make various medical devices, certain life-saving drugs and healthcare in general affordable for citizens. Indian Pharmaceutical Alliance Secretary General Sudarshan Jain stated that most drugs, which were previously taxed at 12%, will incur a GST of just about 5% after the implementation of the new regime. Thirty-six life-saver drugs for cardiovascular issues, cancer, genetic and rare diseases will be fully exempted from tax as well, according to him.
Here are the other expected changes in the health sector with the introduction of the new GST
1) Tax slabs on life insurance premiums, health insurance, corrective spectacles, and glucometers to be rationalised
2) 33 essential drugs to have their GST reduced from 12% to nil
3) Three critical drugs for rare diseases, cancer and other chronic conditions to be reduced from 5% to nil
4) Tax on diagnostic kits to be reduced to 5%
5) GST on health clubs, salons, barbers, fitness centres, and yoga to be reduced