Monday, May 23, 2022
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Gst Council To Meet On June 12 To Decide Tax Cut On Covid Essentials

GST Council to meet on June 12 to decide tax cut on COVID essentials

By PTI
Published: Published Date - 10:37 PM, Thu - 10 June 21
File Photo: Finance Minister Nirmala Sitharaman The Council, which has state ministers as members, a Group of Ministers (GoM) was set up to recommend tax relief on Covid essentials.

New Delhi: The all-powerful GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 12 to decide on GST rate cut for Covid-19 essentials and black fungus medicine, according to officials. In the previous meeting on May 28, the Council, which has state ministers as members, a Group of Ministers (GoM) was set up to recommend tax relief on Covid essentials, including PPE kits, masks and vaccines, to the GST council. The GoM submitted its report on June 7.

Officials said the GST Council would be meeting on June 12, to discuss the GoM report as well as consider tax rate cuts for black fungus medicine. Some state Finance Ministers in the GoM are understood to have pitched for a rate cut on Covid essentials. Uttar Pradesh Finance Minister Suresh Kumar Khanna, who is also a member of the GoM, on Wednesday said that the state is in favour of cutting taxes on Covid essentials to facilitate patients, but will accept the decision of the GST council on tax rates.

The GoM on GST concessions on Covid relief items was mandated to examine whether a GST rate cut or exemption is required for medical-grade oxygen, pulse oximeters, hand sanitizers, oxygen therapy equipment like concentrators, ventilators, PPE kits, N-95 and surgical masks and temperature checking equipment. Besides, the panel also looked into Covid vaccines, drugs, and medicines for Covid treatment and testing kits for Covid detection. The GST Council on May 28, left taxes on Covid-19 vaccines and medical supplies unchanged after the BJP and opposition-ruled states sparred over whether the tax cut benefits will reach the common man.

However, Goods and Services Tax (GST) was exempted on import of Amphotericin B — a medicine used for treatment of black fungus. Congress and other opposition ruled states have been demanding a reduction in taxes but the central government felt the move may not result in tangible gains for people. Currently, 5 per cent GST is levied on domestically manufactured vaccines, while it is 12 per cent for Covid drugs and oxygen concentrators.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • Covid essentials
  • Covid-19
  • Covid-19 essentials
  • GST

Related News

  • Saudi Arabia bans citizens from travelling to 16 nations, including India

  • India records 2,022 new COVID-19 infections, 46 fatalities

  • India announces squad for fifth test against England, Pujara returns after successful county stint

  • India records 2,226 new COVID-19 infections, 65 fatalities

  • ‘Developing infra holds key to success of medicine from sky’

  • India records 2,323 new COVID-19 cases, 25 fatalities

Latest News

  • Of Mulki question in Telangana

    29 seconds ago
  • Women’s T20 Challenge: Dominant Supernovas crush Trailblazers by 49 runs

    12 mins ago
  • Understanding male reproductive system

    12 mins ago
  • Acing current affairs is easy

    12 mins ago
  • Cyber Talk: Importance of strong, secure passwords

    22 mins ago
  • Make the best use of technology

    24 mins ago
  • Hyderabad: ISB ranks 38th globally

    43 mins ago
  • Hyderabad: Robotic-assisted renal surgery performed at Citizens Speciality Hospital

    43 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam