Cancer Drugs Get GST Cut-Major Relief for Patients!

The GST Council has announced a significant reduction in the tax rate on cancer drugs, lowering it from 12% to 5%. This decision was revealed by Finance Minister Nirmala Sitharaman during a press briefing after a council meeting. The new tax rate will apply to cancer medications moving forward, providing much-needed relief for patients seeking affordable treatment.

This announcement comes after the 2024 Budget highlighted the importance of making cancer treatment more accessible. Along with the GST cut, three specific cancer medicines-Trastuzumab Deruxtecan, Osimertinib, and Durvalumab-were also exempted from customs duty. This move aims to ease the financial burden on patients and their families, making essential treatments more affordable.

The reduction in GST on cancer drugs aligns with earlier recommendations from a Parliamentary panel, which called for the complete removal of GST on these medications. The panel emphasized the high costs associated with cancer treatment in India and suggested that cancer be recognized as a notifiable disease, which would help raise awareness and improve reporting on cancer-related issues.

Overall, the government's actions reflect a commitment to improving healthcare for cancer patients. The lower GST rates and customs duty exemptions are steps toward making life-saving drugs more accessible and affordable, ultimately enhancing the quality of care for those battling cancer.