Boosting Healthcare: GST Exemptions on Essential Medicines
Tocilizumab & Amphotericin B:
Complete exemption from integrated tax on Tocilizumab and Amphotericin B, critical drugs for managing severe conditions, supporting affordable access.
Partial Relief for Remdesivir & Heparin:
A 5% integrated tax on Remdesivir and Heparin (anti-coagulant), striking a balance between relief and revenue considerations.
Immunotherapy Medications:
Immunotherapy drugs like I talizumab, Posaconazole, Infliximab, Bamlanivimab & Etesevimab, Casirivimab & Imdevimab attract a 5% integrated tax.
Antiviral & Anti-COVID Drugs:
Inclusion of antiviral medications - 2-Deoxy-D-Glucose and Favipiravir - under the 5% integrated tax bracket.
Implementation Date:
The exemption, effective from October 1, 2021, remains in force until December 31, 2021, providing immediate relief during the ongoing healthcare challenges.
Government's Public Health Priority:
The decision reflects the government's commitment to prioritizing public health, making essential medications more accessible amid the global health crisis.
Notification Authority:
The exemption is enacted under the powers conferred by sub-section (1) of section 6 of the IGST Act, 2017, ensuring compliance with established legal frameworks.
Note:
The GST exemptions signify a strategic move to alleviate the financial burden on patients and enhance the availability of crucial medications during the pandemic.