Medicines and other medical supplies are taxed at four different tax slabs Nill, 5%, 12% and 18%. No tax is levied on the supplies of blood and its-by products and all the contraceptives, while GST on all the life-saving medicines is 5% (vaccines for AIDS, TB, diabetes, malaria, etc.). The highest 18% GST is charged on medicines that have nicotine polacrilex in their composition. The highest tax slab is 28% but none of the medicines or medical supplies are charged at 25% GST. Medicines and medical supplies listed under their respective GST rates: Medicines and Medical Supplies taxed at NIL GST : Human Blood and any medicine that has the composition of by-products of blood. Any kind of contraceptive medicine. Medicines and Medical Supplies taxed at 5% GST : Oral Rehydration Salts Diagnostic kits for hepatitis Human/animal blood vaccines Artificial limbs, crutches, walking frames, wheelchairs, etc. Insulin injections and tablets....
For the latest and errorless tax solutions, SAG Infotech is a major CA Taxation Software Company in India with 50,000+ clients and 10+ tax software for taxpayers.