GST on Medical equipment and essential medicines was cut to a 5% tax rate with input credit effectively bringing the rate to 1-2%.
The rate of the same items during UPA time was 28%.
🟠When GST was launched in 2017 the Revenue Neutral Rate was 15.3%. With continuous downward revisions of GST rates in 400 items the Revenue Neutral Rate came down to 11.6% today translating into a sharp tax cut of 25% in the GST rate. Click (11.6% becomes after recent rate cut)
The rate of the same items during UPA time was 28%.
🟠When GST was launched in 2017 the Revenue Neutral Rate was 15.3%. With continuous downward revisions of GST rates in 400 items the Revenue Neutral Rate came down to 11.6% today translating into a sharp tax cut of 25% in the GST rate. Click (11.6% becomes after recent rate cut)