GST Council Exempts Cancer-Fighting Drugs, Medicines For Rare Diseases From GST

The GST Council in its 50th meeting held on Tuesday, Jul 11, 2023, announced several key decisions in the GST system of various sectors in India. The panel, headed by the Union finance minister and comprising representatives of all states and UTs, decided to exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.

Following the GST Council meeting, Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs, in a press conference announced that some commodities now have lower, more precise, or regularised GST rates. Additionally, decisions were made regarding the suggestions of the Council's Ministerial groupings.

The GST Council acts as a forum for cooperation between the federal and state governments. Its members include the Minister in charge of Finance, Taxation, or any other Minister designated by each State Government, as well as the Union Finance Minister (who serves as the group's chairperson).