GST Council Meeting 2021: Finance Minister chaired the 44th GST Council virtually tomorrowGST Council Meeting 2021:Based on the recommendations of thegroup of ministers(GoM) - constituted to deliberate on the tax rates of COVID-related essential items, the GST Council today cut tax rates on most supplies and exempted the medicines for treating the black fungus infection off GST.
The Council decided that tax cuts are valid till September 30, and canbe extended further upon nearing the deadline.
While most of the medicinal supplies got a tax cut, COVID vaccines will continue to attract a five per cent GST.(Also Read:GST Council Meet: Tax Cut On COVID Essentials, Black Fungus Medicine On Agenda)Finance Minister Nirmala Sitharaman chairedthe 44thgood and services tax (GST)council meeting on Saturday, June 12, in New Delhi through video conferencing.
The details of the GST rates for COVID-relate essential supplies as decided by the GST Council today are as follows:GST Rate Cuts On COVID-19 Medicines:No tax will be levied on Amphotericin B, the medicineused to treatblack fungus, which is a fungal disease that affects coronavirus patients.Tocilizumab -a monoclonal antibody given to COVID-19 patients, is also exempted from GSTGST rates on anti-coagulants like heparin as well as Remdesivir - a drug for treating COVID-19, arereduced from 12 per cent to five per centThe GST Council said that the tax rate on any other drug recommended by the health ministryand Departmentof Pharma (DoP) for treating COVID-19 is reduced from 12 per cent to five per centGST Rate Cuts On Oxygen Generation Equipments, Related Medical Devices:The tax rates on medical grade oxygen, oxygen concentrator/generator, including personal imports, ventilators, ventilator masks /canula /helmet,BiPAP machine, andhigh flow nasal cannula (HFNC) device arereduced from 12 per cent to five per cent.GST Rate Cuts On Testing Kits And Machines:The tax rates onCOVID-19testing kits, and specified inflammatory diagnostic kits - D-Dimer, IL-6, Ferritin and LDH are reduced from 12 per cent to five per cent.GST Rate Cuts On Other COVID-Related Relief Supplies:The GST rates on pulse oximeters, including personal imports is reduced from 12 per cent to five per centThe tax rate on hand sanitiser is reduced from 18per cent to five per centThe GST rate on temperature check equipment is decreased from 18 per cent to five per centTax rates on gas/electric/other furnaces for the crematorium, including their installation are loweredfrom 18 per cent to five per centGST rates on ambulances are slashed from 28 per cent to 12 per cent.According to the Ministry of Finance,the meeting wasattended by Anurag Thakur, Minister of State for Finance,along with finance ministers andsenior officials of the states and union territories.
The GST Council meeting today had a single-point agenda, deliberating on the recommendations made by the group of ministers.In its previous meeting on May 28, the GST Council referred the decision over the tax rates on COVID vaccinesto a group of ministers(GoM).
The GST Council meeting will discuss the report of the GOM, headed by Meghalaya Deputy Chief Minister Conrad Sangma, on GST concessions on COVID-19 essential items, and decide on the final GST rates.The 43rd GST council meeting onMay 28was conductedafter a gap of almost eightmonths.
The earlier one -42nd GST Council meeting, was held last year, on October 5, 2020.