Based on the suggestions of the group of ministers (GoM), constituted to deliberate on the tax charges of COVID-related important objects, the GST Council on Saturday slashed the tax charge on coronavirus medicines comparable to Remdesivir and tools like oxygen concentrators and medical grade oxygen.
Finance Minister Nirmala Sitharaman chaired the forty fourth good and providers tax (GST) council assembly on Saturday morning via video conferencing. The assembly was additionally attended by Minister of State for Finance & Corporate Affairs, Anurag Thakur apart from Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.
While GST on Tocilizumab and Amphotericin B is slashed to nil from 5 per cent, the speed on Remdesivir and anti-coagulants like Heparin is lowered from 12 per cent to five per cent. The Council acknowledged that tax cuts are legitimate until September 30, and could be prolonged additional upon nearing the deadline.
Tax on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and excessive stream nasal cannula (HFNC) units has been lower to five per cent from 12 per cent, Finance Minister Nirmala Sitharaman mentioned.
Also, tax on Covid testing kits has been introduced down to five per cent from 12 per cent.
Pulse oximeters, hand sanitisers, temperature verify tools and ambulances too will appeal to decrease 5 per cent tax, she mentioned.
The particulars of suggestions are given beneath:
|S. No.||Description||Present GST Rate||GST Rate really helpful by GST Council|
|3.||Anti-Coagulants like Heparin||12%||5%|
|5.||Any different drug really helpful by Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid therapy||Applicable Rate||5%|
|Oxygen, Oxygen era tools and associated medical units|
|1.||Medical Grade Oxygen||12%||5%|
|2.||Oxygen Concentrator/ Generator, together with private imports thereof||12%||5%|
|4.||Ventilator masks / canula / helmet||12%||5%|
|6.||High stream nasal canula (HFNC) machine||12%||5%|
|Testing Kits and Machines|
|1.||Covid Testing Kits||12%||5%|
|2.||Specified Inflammatory Diagnostic Kits, particularly D-Dimer, IL-6, Ferritin and LDH||12%||5%|
|Other Covid-19 associated reduction materials|
|1.||Pulse Oximeters, incl private imports thereof||12%||5%|
|3.||Temperature verify tools||18%||5%|
|4.||Gas/Electric/different furnaces for crematorium, together with their set up, and so forth.||18%||5%|
In its earlier assembly on May 28, the GST Council referred the choice over the tax charges on COVID vaccines to a bunch of ministers (GoM). The GST Council assembly will focus on the report of the GOM, headed by Meghalaya Deputy Chief Minister Conrad Sangma, on GST concessions on COVID-19 important objects, and resolve on the ultimate GST charges.
The forty third GST council assembly on May 28 was carried out after a spot of virtually eight months. The earlier one – forty second GST Council assembly, was held final 12 months, on October 5, 2020.
(With PTI Inputs)