GST Council slashes rates on Medicines and Medical Equipment for Covid

GST-Council-slashes-rates-on-Medicines-and-Medical-Equipment-for-Covid

On June 12, the Goods and Services Tax Council, chaired by Union Finance Minister Nirmala Sitharaman in its 44th meeting conducted through video-conferencing, decided to reduce the GST rates on specific items being used in Covid-19 relief and management till September 30, 2021. The meeting was attended by Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.


GST rates on Covid medicines like Tocilizumab and Amphotericin B have been reduced to nil while GST on other Covid medicines including Remdesivir and other government recommended ones have been slashed from 12% or their existing rates to 5%.


GST on Oxygen, Oxygen generation equipment and related medical devices has been slashed from 12% to 5%. Similarly, GST on testing kits and machines has also been reduced from 12% to 5%.


Meanwhile, GST on other Covid-19 related relief material like pulse oximeters has been reduced to 5% from 12%. GST on hand sanitizers, temperature checking equipment has been reduced from 18% to 5%. GST on Ambulances has been cut down from 28% to 12%.





NEWS CORE DESK

NEWS CORE DESK

NewsCore Desk

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