GST council meeting

GST council cut tax on coronavirus essential and black fungus medicine

The council meeting of GST to be conducted by a Union finance minister named Nirmala Sitharaman. In this meeting, decide on GST cut rate on medical supplies for black fungus and covid management medicine. The GST council is supposed to consider the GoM (group of ministers) recommendations set up to see the demand for relief fund on medicines for the treatment of Covid-19.

The GoM was beginning to recommend GST (Goods and Service Tax) relief on a range of coronavirus essentials like medicines, vaccines, ventilators, and testing kits in the last council meeting of May 28. The group of ministers submits its report on June 7 and it will be reviewed in the meeting on June 12.

Anurag Thakur, Union minister of states for finance, senior government officers, and finance ministers of Union territories and states will attend the virtual council meeting.

On Wednesday, Suresh Kumar Khanna, Uttar Pradesh finance minister and a GoM member said that the state is in the support of cutting taxes on coronavirus essentials to make the easier process for patients but will accept the GST council decision on tax prices.

As per the reference terms, the GoM was to analyze the requirement for GST exemption on coronavirus medicines, vaccines for the treatment of covid-19. Also, testing kits for coronavirus detection, pulse oximeters, oxygen therapy instruments, N95 masks, medical-grade oxygen, hand sanitizers, thermometers, PPE kits, surgical masks, and other things need for relief.

Cotton masks and vaccines attract 5% of GST, most of the things will fall in the tax slab of 12%. Medical oxygen, ventilators, testing kits, medicines, oxygen concentrators fall under the tax slab of 12%. On the other hand, thermometers, disinfectants, hand wash gels, and alcohol-based sanitizers attract 18% of GST.

The GoM was created after various council state members like Punjab and West Bengal asked for GST concession on all the essential materials of coronavirus. At the time of the GST council meeting which was held on May 28, the taxes on coronavirus medical supplies and vaccines unchanged after the BJP and opposition ruled state fought whether the advantages of the tax cut will reach the common man. Goods and Service Tax was exempted on Amphotericin B import which is a medicine used for the black fungus treatment.

For latest updates, stay tuned to theĀ news section.

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