Reetu | Sep 10, 2024 |
GST Rate on Cancer Drugs reduced to 5%
The 54th GST Council Meeting was held under the chairmanship of the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman in New Delhi on September 9th.
Various important decisions were finalized just to simplify compliance of taxes and for ease of doing business which provides relief to tax professionals and individuals.
In its 54th meeting, the Council decided to reduce the GST Rate on some Cancer Drugs from its previous rate of 12% to 5%. The Cancer Drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab are among those drugs on which the rate of GST has been reduced.
| Cancer Drug | Previous GST Rate | New GST Rate |
| Trastuzumab Deruxtecan | 12% | 5% |
| Osimertinib | 12% | 5% |
| Durvalumab | 12% | 5% |
From this move, Cancer patients and healthcare providers received much-needed relief from paying a high rate of tax on essential cancer medications. This reduction is likely to make treatment for cancer more affordable, increasing access to life-saving medicines for Indian patients.
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