GST Reduction on Medical Supplies to Ease Patient Costs, Say Experts

Swift Summary

• The Indian government has announced GST reductions on medicines,medical devices,and health/life insurance policies.
• Healthcare services by doctors, hospitals, and diagnostic centers remain GST-exempt.
• Key medicines like lifesaving drugs and cancer treatments see a GST cut from 12% to 5%, with some advanced therapies fully exempted.
• The move aligns with national programs like Ayushman Bharat and Poshan Abhiyaan to promote affordable healthcare accessibility.
• Industry leaders praised the reforms for reducing treatment costs,promoting preventive care,and boosting insurance penetration rates in the country.

Representative image | Photo Credit: Getty images/iStockphoto