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Friday, Oct 07, 2022

From vaccines to key drugs, here are key decisions taken during GST Council meeting

These GST rate reductions shall remain in force till September 30, 2021.

GST council meeting, Nirmala Sitharaman, Nirmala Sitharaman on GST, GST on Covid vaccines, GST Council Meeting, financial news, finance minister announcement, gst announcement, Indian ExpressFinance Minister Nirmala Sitharaman (Express file photo)

The Goods and Services Tax Council, under the chairmanship of Union Finance Minister Nirmala Sitharaman, Saturday decided to reduce the GST rates on certain items being used in Covid-19 relief and management till September 30, 2021.

Here are the key decisions that were taken during the 44th GST Council meeting:

— The GST Council has agreed to stick to 5 per cent tax rate on vaccines.

— The Council has slashed the tax rate on Covid-19 medicines such as Remdesivir and equipment like oxygen concentrators and medical grade oxygen.

—GST rates on Tocilizumab and Amphotericin B have been slashed to nil from 5 per cent. The rate on Remdesivir and anti-coagulants like Heparin has been lowered from 12 per cent to 5 per cent.

—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, temperature check equipment and ambulances too will attract lower 5 per cent tax.

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The meeting was also attended by Union Minister of State for Finance Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.

Earlier this week, a group of ministers led by Meghalaya chief minister Conrad Sangma had recommended no change in the 5 per cent GST rate for Covid-19 vaccines, while suggesting reduction of the GST rate temporarily to 5 per cent for both commercial imports and domestic supply of most other Covid medicines and materials.

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(With inputs from PTI and ANI)

First published on: 12-06-2021 at 04:15:24 pm
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