The GST council has announced significant changes for the healthcare sector. Health insurance premiums for life, health, and accident policies are now GST exempt. Essential medicines, including vaccines and cancer drugs, along with critical medical devices like pacemakers and prosthetics, also remain tax-free. Diagnostic tests, hospital stays, and surgeries continue to enjoy zero tax, aiming to lower overall hospital bills and make quality healthcare more affordable. However, there is confusion within the insurance industry regarding the pass-through of benefits to consumers, linked to the Input Tax Credit (ITC). While new policies and renewals are expected to see a price drop, the full impact remains under discussion. An insurance industry CEO confirmed the immediate impact, stating, "An immediate drop of 18% because that is where the GST drop would happen becomes zero." The hospital sector has committed to passing on the GST reduction on medicines and devices to patients.
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