INDIA. Mumbai: Based on the recommendations of the group of ministers (GoM), constituted to deliberate on the tax rates of COVID-19 related essential items, the GST Council on Saturday cut tax rates on most supplies and exempted the medicines for treating the black fungus infection off GST.
The 44th GST Council meeting held under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman through video conferencing recommended a drastic reduction in the Goods and Services Tax(GST) rates on the specified items being used in COVID-19 relief and management till September 30, 2021.
The tax cuts can be extended further upon nearing the deadline. While most of the medicinal supplies got a tax cut, COVID-19 vaccines will continue to attract a five percent GST. By and large 5 percent GST will be charged on most of the medicines and devices.
The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Anurag Thakur besides Finance Ministers of States and Union Territories and senior officers of the Ministry of Finance and states and Union Territories.
Tocilizumab, Amphotericin-B( existing GST rate-5 percent, GST rate recommended by GST Council-Nil), Anti-Coagulants like Heparin, Remdesivir -(existing GST rate-12 percent, GST rate recommended by GST Council- 5 percent), Any other drug recommended by the Union Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for COVID-19 treatment(applicable rates), GST rate recommended by GST Council- 5 percent).
Oxygen, Oxygen generation equipments, and related medical devices
Medical Grade Oxygen, Oxygen Concentrator/ Generator, including personal imports thereof, Ventilators, Ventilator masks/canula/helmet, BiPAP Machine, High flow nasal cannula (HFNC) device (existing GST rate-12 percent, GST rate recommended by GST Council-5 percent).
Testing Kits and Machines
COVID-19 Testing Kits, Specified Inflammatory Diagnostic Kits, namely D-Dimer, IL-6, Ferritin, and LDH (existing GST rate-12 percent, GST rate recommended by GST Council-5 percent).
Other COVID-19 related relief material
Pulse Oximeters, incl personal imports thereof (existing GST rate-12 percent, GST rate recommended by GST Council-5 percent), Hand Sanitizer, Temperature check equipment, Gas/Electric/other furnaces for the crematorium, including their installation, etc.(existing GST rate-18 percent, GST rate recommended by GST Council-5 percent).
(existing GST rate-28 percent, GST rate recommended by GST Council-12 percent).
Countrywide COVID-19 round up
In the meanwhile India reported 84,332 new cases on Saturday, June 11, 2021( lowest after 70 days), 1,21,311 patients recovered in the last 24 hours. Recoveries continued to outnumber Daily new cases for the 30th consecutive day on Saturday. The recovery rate increased to 95.07 percent. The figure of total recoveries across the country so far stood at-2,79,11,384. The weekly positivity rate dropped to 4.94 percent (less than 5 percent), while the daily positivity rate stood at 4.39 percent ( less than 10 percent for 19 consecutive days. Testing capacity substantially ramped up and the number of total tests stood at 37.62 crores. 24.96 crore vaccine doses were administered so far under Nationwide Vaccination Drive.