Union Finance Minister Nirmala Sitharaman on Saturday announced a sharp reduction in GST rates on several essential goods after the 56th Council meeting.
She said GST on 33 life-saving drugs and medicines has been cut from 12 percent to zero, while three medicines used for cancer, rare and chronic diseases will now move from 5 percent to zero.
Several other drugs have also been reduced to 5 percent.
Agricultural goods such as tractors, cultivation and harvesting machines, balers, and composting machines will see a rate cut from 12 percent to 5 percent.
The same reduction applies to 12 specified bio-pesticides, natural menthol, handicrafts, marble, granite blocks, and intermediate leather goods.
GST on cement has been brought down from 28 percent to 18 percent, while spectacles and goggles for correcting vision will now be taxed at 5 percent instead of 28 percent, she said. -- ANI
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