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GST Rate Cut On Cancer Drugs (Getty image for representational purpose)
54th GST Council Meeting: GST Coucil has announced rate cut on cancer medicines
54th GST Council Meeting: The GST Council has reduced rate on cancer drugs to 5% from 12%. The announcement was made by finance minister Nirmala Sitharaman during a post-meeting press briefing.
The GST rate is being reduced prospectively, not retrospectively.
Sitharaman also added that the GST Council has agreed to form a GoM on compensation cess.
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