Gene therapy exempted from GST; duty cuts on critical medicines for cancer and rare diseases expected

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification stating that no Goods and Service Tax (GST) will be levied on gene therapy and it would be exempted with immediate effect. Last month, Finance Minister Nirmala Sitharaman had announced that gene therapy has been full exempted from GST. The therapy is a critical treatment option for various life-threatening disease. Ea…