54th GST Council Meeting: The GST Council has reduced the 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.

The announcement assumes significance as the decision comes after the Budget 2024 emphasised focus on affordable cancer treatment, and the finance minister announced three cancer medicines exempted from customs duty.

Nirmala Sitharaman announced the exemption of three additional cancer medicines—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab—from customs duty when she presented the Union Budget 2024-25 in Parliament on July 23.