GST Cut : Major relief for cancer treatments! GST 'zero' on 33 life-saving drugs
A major and reassuring news has emerged for cancer patients in the country. Due to significant changes made in the Goods and Services Tax (GST) rates, cancer treatment is now going to be more affordable. The GST Council has recommended the complete abolition of the 12 percent GST on 33 life-saving drugs used in cancer treatment. As a result, these drugs will now have 'zero' GST applied.
Experts at the Dr. B. R. Ambedkar Institute Rotary Cancer Hospital in AIIMS Delhi have welcomed this decision. Dr. Abhishek Shankar from the Department of Radiation Oncology and scientist Dr. Vaibhav Sahni noted that these improvements will significantly alleviate the financial difficulties of cancer patients. Many families had to bear a large financial burden for treatment; now there will be a significant reduction.
Additionally, the five percent GST on three more important medicines used in the treatment of rare diseases and cancer has also been reduced to zero. Notably, this list includes some patented medicines for which no generic alternatives are available. It is believed that advanced treatments will become more accessible. The GST Council's 56th meeting also recommended waiving the 18 percent GST on personal health and life insurance policies. This decision is expected to make insurance coverage for serious illnesses more affordable.
Meanwhile, another important decision from a public health perspective is the recommendation to increase the tax on tobacco products to 40 percent. This decision is seen as a preventive measure due to the rising incidence of cancer caused by tobacco-related products. Although tobacco and related products are currently in the 28 percent tax slab, the tax increase will be implemented after the full payment of loans and compensation cess. Overall, this step taken by the central government is considered significant for making cancer treatment more affordable and improving public health. This decision is being welcomed by patients, doctors, and experts in the health sector.