GST Council Meet Updates: Finance Minister Nirmala Sitharaman on Saturday chaired the 44th meeting of the Goods and Services Tax (GST) Council, which was expected to decide on tax relief for Covid-19 essentials and black fungus medicine.
Attended by Minister of State for Finance Anurag Thakur, besides finance ministers of states and Union territories and senior officers from Union government and states, the 44th GST Council decided to bring down GST on electric furnaces and temperature checking equipment to 5 per cent. and on ambulances to 12 per cent.
While addressing media after the meeting which took place in the national capital, Finance Minister Nirmala Sitharaman said that the reduced GST rates on electric furnaces, temperature checking equipment and ambulances will be valid till September as against August end recommended by the GoM.
Sitharaman also announced that no GST would be levied on Amphotericin B, the antifungal drug used for black fungus treatment.
Here Are Top Highlights From Nirmala Sitharaman 44th GST Council Meet:
No Change In Covid Vaccine Rates
According to the council, there would be no changes in GST rates for Covid-19 vaccine available in the country. It is to be noted that all Coronavirus vaccines are currently charged a GST of 5 per cent.
No GST On Black Fungus Drug
Extending relief to those infected with black fungus infection, FM Sitharaman announced that no GST would be levied on Amphotericin B, the antifungal drug used for treatment of mucormycosis.
GST On Ambulances, Other Covid Essentials Brought Down
The council also announced that GST on electric furnaces and temperature checking equipment brought down to 5 per cent and on ambulances to 12 per cent adding that these rates will be valid till September as against August end recommended by the GoM.
GST On Remdesivir Reduced To 5%, No Tax On Tocilizumab
While making the announcements, Finance Minister also informed that the GST Council has approved rate reduction for Remdesivir from 12 per cent to 5 per cent and a nil tax would be charged on Tocilizumab drug used for Coronavirus treatment.