Friday, July 30, 2021
Home Business GST Council waives tax on black fungus drug; rates reduced for several...

GST Council waives tax on black fungus drug; rates reduced for several Covid essentials: Highlights – Times of India


NEW DELHI: The GST Council on Saturday waived tax rates on black fungus drug Amphotericin and reduced rates on several other Covid-related essential items like drugs, ventilators, testing kits and others. However, it has decided to continue with 5 per cent GST rate for Covid vaccines.
Addressing the media after chairing the 44th GST Council meet, finance minister Nirmala Sitharaman said that the Council decided to go ahead with the recommendations made by the Group of Ministers (GoM) in their report.
“It was felt that the GoM’s recommendations have brought substantial change. GST Council largely agreed to go with the recommendations, except for some slight tweaking,” Sitharaman said.
All these revised rates will be valid till September 30 as against August-end, she added.
The meeting was attended by minister of state (MoS) for finance Anurag Thakur, finance ministers of states and Union territories and senior officers from the government and states.
Here are the major decisions taken by the Council:
* In all, the GST Council has revised tax rates on four items — medicines; oxygen and oxygen generation equipment; testing kits and related machines and other Covid relief material.

* GST on Tocilizumab and black fungus drug Amphotericin B has been slashed to nil from 5 per cent earlier.
* Tax on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices has been cut to 5 per cent from 12 per cent.
* Tax on Covid testing kits has been brought down to 5 per cent from 12 per cent.
* Pulse oximeters, hand sanitisers and temperature check equipment too will attract lower 5 per cent tax.

* GST on electric furnaces and temperature checking equipment brought down to 5 per cent and on ambulances to 12 per cent.
* The GST Council decided to retain 5 per cent GST on Covid vaccines.
* Centre will buy the 75 per cent vaccine as announced and will pay GST on it too. But 70 per cent of income from GST will be shared with states, Sitharaman said.
* Sitharaman said that when Centre is purchasing and paying GST too on Covid-19 vaccines and they are being given free of cost to the public, the GST rate will make no difference or impact on the people.
* For ambulances, the GST rate has been reduced from 28 per cent to 12 per cent and for hand sanitsers from 18 per cent to 5 per cent.





Source link

RELATED ARTICLES

What is a Packaging Sleeve?

Sleeve packaging gives your product a unique look. It is just like a box without tucks or folds. Learn more here to know about the complete guide to this packaging.

Upcoming Weekend Events You Must Attend in Arkansas

People traveling to a place for vacation often search for things to do in that place. For example, if you want to...

Easy Tips For Effective Golf Course Maintenance

A golf course facility spreads over many hectares. For timely completion of maintenance procedures, you need to invest in a long list...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

4 Reasons you should buy an R4 karte

You can certainly do wonders with your Nintendo DS gaming console when you have the R4 karte available to be used with it. If...

What are the things consider buying south Indian jewelers?

South Indian jewelers as luxurious would be exact, however a gross distortion of what it truly is. South Indian gem specialist's styles...

What is a Packaging Sleeve?

Sleeve packaging gives your product a unique look. It is just like a box without tucks or folds. Learn more here to know about the complete guide to this packaging.

Apartment Rental Guide for Germantown Nashville

Germantown in Nashville is some of the best places to live in Nashville. It is very near to Downtown Nashville  and situated...

Recent Comments