55th GST Council: FM Announces GST Exemption for Life-Saving Gene Therapy
GST Council exempts life-saving gene therapy from GST, reducing treatment costs and improving accessibility
The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today ( 21st December 2024 ) in Jaisalmer, Rajasthan. During the meeting, the Minister announced GST exemption on gene therapy, a vital treatment for life-threatening diseases. The importance of gene therapy in treating serious health problems highlighted the government’s focus on making...
The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today ( 21st December 2024 ) in Jaisalmer, Rajasthan. During the meeting, the Minister announced GST exemption on gene therapy, a vital treatment for life-threatening diseases.
The importance of gene therapy in treating serious health problems highlighted the government’s focus on making advanced medical treatments available to everyone.
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She said, “Gene therapy, which is very critical for life-saving diseases, has been exempt from GST.” This decision aims to reduce the cost of these treatments, making them more affordable and accessible to patients across the country. It also supports the government’s goal of improving healthcare affordability and encouraging medical innovation.
Gene therapy is an advanced medical technique that uses genes to treat, prevent, or even cure diseases. It works by fixing the root cause of the problem in a person’s genes. This is done by either adding new copies of a gene that isn’t working properly or replacing a faulty or missing gene with a healthy one.
Gene therapy is especially useful for treating inherited genetic disorders, like hemophilia and sickle cell disease, as well as conditions like leukemia. By targeting the main cause of these illnesses, gene therapy can provide long-term or even permanent solutions.
How It Works:
- Gene Addition: Adding working copies of a gene to make up for faulty or missing ones.
- Gene Replacement: Replacing damaged genes with healthy ones.
- Gene Editing: Using tools like CRISPR to precisely fix or improve genes.
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The meeting was attended by Union Minister of State for Finance, Shri Pankaj Chaudhary, Ajay Seth ( Revenue Secretary ) along with Chief Ministers from Goa, Haryana, Jammu and Kashmir, Meghalaya, and Odisha, and Deputy Chief Ministers from Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana.
During the meeting, the GST Council approved a GST exemption for payment aggregators handling transactions below Rs. 2,000. Discussions on health insurance premium GST await IRDAI inputs.
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