What is the impact of the latest GST Council meeting on the cost of Cancer drugs and foreign airlines services
Cancer drugs became cheaper while foreign airlines are exempt from import services tax, after the recent GST Council meeting.
- Cancer drugs became cheaper due to a reduction in the Goods and Services Tax (GST) rate from 12% to 5%.
- This move is expected to make cancer treatment more affordable for patients and reduce their financial burden.
- On the other hand, foreign airlines services were exempted from the Integrated Goods and Services Tax (IGST) on the import of aircraft, spares, and other related services.
- This exemption is aimed at promoting international air travel, boosting tourism, and facilitating smoother operations for foreign airlines operating in India.
- Overall, the decisions taken in the latest GST Council meeting are likely to have a positive impact on both the healthcare sector and the aviation industry.
Answered
8 months ago