Union Finance Minister Nirmala Sitharaman on Saturday announced series of GST relief measures for Covid-19 relief essentials, including black fungus medicine. Then again, the Council agreed to stick to 5% GST on vaccines.
In its 44th assembly on Saturday, the Goods and Services and products Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved all recommendations of GoM on rate rationalisation.
The GoM, set up by the Council on May 28, was once mandated to take a look at tax exemption and concessions on more than a few Covid items including vaccines, drugs, and equipment.
GST on ambulances has been reduced to 12% from current 28%. GST Council slashed tax rate from 12% to 5% on medical grade oxygen, BiPaP machines, oxygen concentrators, ventilators, pulse oximeter. “Today’s assembly was once a single-agenda assembly on the Group of Ministers which was once constituted in final GST Council assembly to get a hold of recommendations on tax relief for Covid-19 essentials,” said Finance minister.
“5% GST on vaccines will stay. The Centre will buy the 75% vaccine as announced and will pay its GST too. But 70% of income from GST will be shared with states,” added Sitharaman.
“GST Council approved rate discount for Remdesivir from 12% to 5%; nil tax on Tocilizumab, black fungus drug Amphotericin-B,” she said at a press convention in New Delhi.
“GST on electric furnaces and temperature checking equipment brought down to 5% and on ambulances to 12%. These rates will be legal till September as against August end really useful by the GoM,” said Sitharaman on the outcome of 44th GST Council meet.
GST rates have been determined for 4 categories of products- medicines, oxygen, oxygen-generation equipment, testing kits and other machines and other Covid-related relief fabric, she said.
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