New Delhi: The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, on Wednesday changed the GST rates to provide relief to the common man in key areas like household items and health services.
To promote public health, the Council has announced reduction of GST on 33 life saving medicines from 12 percent to zero. Apart from this, it has recommended reducing the GST on three important medicines used for cancer, rare diseases and other serious chronic diseases from 5 percent to zero.
When will the new rates be implemented?
According to a release from the Press Information Bureau, “The GST rate on all other drugs and medicines has been reduced from 12 per cent to 5 per cent, while several medical equipment and diagnostic kits will also come under the lower tax bracket. The new rates will come into effect from September 22, the first day of Navratri.
Full list of 33 lifesaving drugs
Agalsidase beta
Imiglucerase
Eptacog alpha
Onasemnogene abeparvovec
Eskiminib
Mepolizumab
Pegylated liposomal irinotecan
Daratumumab
Teclistamab
Amivantamab
Alectinib
Risdiplam
Obinutuzumab
Polatuzumab vedotin
Entrectinib
Atezolizumab
Spasolimab
Velaglucerase alpha
Agalsidase alpha
Rurioctocog alpha pegol
Idursulphatase
Alglucosidase alpha
laronidase
olipudase alpha
tepotinib
avelumab
emicizumab
belumosudil
miglustat
velmanase alpha
alirocumab
evolocumab
cysteamine bitartrate
CI-inhibitor injection
inclisiran
zero GST rate on insurance policies
Apart from this, the government has also made the GST rates on health and life insurance policies zero. That is, from September 22, there will be no tax on the policies. Till now, tax was being levied on them at the rate of 18 percent.
At the same time, this decision will also be applicable on all the insurance policies that are already running. After September 22, if a person renews his insurance policy, then he will not have to pay 18 percent tax, but he will have to pay only the insurance premium.
