The Central Government has announced the implementation of GST reforms of the next generation, giving great relief to the general public. Under these reforms, health and life insurance has been completely taxed, while many essential medical equipment and daily needs have also been made cheaper. Now from thermometer, oxygen, glucometer, diagnostic kit, correct glass to toothpaste, shampoo, soap and baby diapers, there will be less GST.
Prime Minister Narendra Modi described it as “a historic step for the common man, farmers, women, youth and middle class”. He also announced GST reforms from the Red Fort on 15 August.
GST will not be imposed on these either
The Finance Minister said that all personal health insurance policies, including family floater policies and policies for senior citizens, will also be out of the purview of GST. This will make insurance cheaper for the common man and increase insurance coverage in the country.
Rebate on many medicines
The central government has reduced GST zero on 33 life saving medicines. Earlier, the GST rate on these was 12 percent. These drugs include asciminib, mepolizumbe, peglated liposomal irinotechon, daratumummiba, eagroidase alpha, alirocumaab, avolokumbaab, etc. These include medicines used in the treatment of cancer. Also, GST on many drugs has been reduced from 18% to 5%.
In addition, the GST rate on thermometer, medical oxygen, diagnostic kits, glucometer, test strips and glasses has been reduced to 5%. Earlier, these used to be 12 to 18 percent GST.
