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GST Council Cuts Rates On COVID Supplies, No Tax On Black Fungus Medicine

GST Council Meeting 2021: Finance Minister chaired the 44th GST Council just about tomorrow

GST Council Meeting 2021: Finance Minister Nirmala Sitharaman chaired the 44th good and companies tax (GST) council assembly on Saturday, June 12, by video conferencing. Based on the suggestions of the group of ministers (GoM) – constituted to deliberate on the tax charges of COVID-related important gadgets, the GST Council as we speak has minimize tax charges on most provides and exempted the black fungus drugs off GST. COVID vaccines will proceed to draw a 5 per cent GST.

According to the Ministry of Finance, the assembly was attended by Anurag Thakur, Minister of State for Finance, together with finance ministers and senior officers of the states and union territories. The assembly is predicted to determine on tax cuts for COVID-19 important gadgets comparable to medical grade oxygen, hand sanitisers, pulse oximeters, ventilators, oxygen concentrators, in addition to black fungus drugs. (Also Read: GST Council Meet: Tax Cut On COVID Essentials, Black Fungus Medicine On Agenda )

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, headed by Meghalaya Deputy Chief Minister Conrad Sangma, on GST concessions on COVID-19 important gadgets, and determine on the ultimate GST charges. 

The 43rd GST council assembly on May 28 was performed after a niche of virtually eight months. The earlier one – 42nd GST Council assembly, was held final 12 months, on October 5, 2020.

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