GST Council Meet: Tax Cut On COVID Essentials, Black Fungus Medicine On Agenda

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GST Council Meeting 2021: Finance Minister will chair the forty fourth GST Council just about tomorrow

GST Council Meeting 2021: Finance Minister Nirmala Sitharaman will chair the forty fourth items and repair tax (GST) Council assembly on Saturday, June 12, by means of video conferencing, which is anticipated to determine on tax cuts for COVID-19 important objects and the black fungus drugs. The GST Council assembly can be performed at 11 am in New Delhi and can be attended by the Minister of State for Finance Anurag Thakur, together with senior officers of the federal government in addition to finance ministers of varied states and Union territories. (Also Read: Black Fungus Medicine Exempted From Tax: Key Takeaways From GST Council Meet )
 

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 talk about the report of the GOM tomorrow, headed by Meghalaya Deputy Chief Minister Conrad Sangma, on GST concessions on COVID-19 important objects akin to medical grade oxygen, hand sanitisers, pulse oximeters, ventilators, amongst others. The ministers additionally mentioned medicine, vaccines, medicines for the remedy of COVID-19, and testing kits for detection.

Presently, a 5 per cent GST is levied on the domestically manufactured vaccines, whereas it’s 12 per cent for COVID-19 medicine and oxygen concentrators. In the earlier GST Council assembly, the tax was exempted on the import of Amphotericin B, a medication used for the remedy of black fungus an infection.

The forty third GST council assembly on May 28 was held after a niche of virtually eight months. The earlier one – forty second GST Council assembly, was performed final 12 months, on October 5, 2020.





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