India GST Panel Reduces Tax Rate on Some Medical Items
(Bloomberg) -- India’s Goods and Services Tax panel reduced the tax rate on some medical items, according to Finance Minister Nirmala Sitharaman.
The GST Council cut the tax rate on ambulances to 12% from 28% now, Sitharaman said in a press briefing on Saturday.
The levy on various medical equipment including medical grade oxygen, oxygen concentrators and ventilators, as well as antiviral drug remdesivir, was lowered to 5% from 12%, she said.
The panel exempted the tocilizumab and amphotericin drugs from the value added tax, the finance minister said.
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