India, Sept. 5 -- The GST Council, chaired by union finance minister Nirmala Sitharaman, approved a sweeping rationalisation of GST rates to help ease the costs for the common man in key areas like household items and critical healthcare.

In a major boost to public health, the Council recommended a reduction of GST from 12 percent to nil on 33 lifesaving drugs, and from 5 percent to nil on three critical drugs used for cancer, rare diseases and other severe chronic illnesses. According to a release by the Press Information Bureau, the GST rate for "all other drugs and medicines" has been brought down from 12 percent to 5 percent, while many medical devices and diagnostic kits will also fall under a lower tax bracket. The new rates will k...