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GST Council Meet: Tax on COVID-19 vaccines unchanged; ‘black fungus’ drug added to import exempt list-Business News , Firstpost

Finance minister Nirmala Sitharaman, chairing the Council’s first meet in practically eight months on Friday, mentioned the waiver of I-GST will proceed on free COVID-19 associated provides imported from overseas until 31 August

File picture of Union finance minister Nirmala Sitharaman. PTI

New Delhi: The GST Council on Friday left taxes on COVID-19 vaccines and medical provides unchanged however exempted responsibility on import of a drugs used for therapy of black fungus.

A bunch of ministers will deliberate on tax construction on the vaccine and medical provides, Finance Minister Nirmala Sitharaman informed reporters after a gathering of the GST Council.

The GST Council, which is headed by the Union Finance Minister and includes representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the therapy of black fungus. Currently, vaccines entice 5 p.c GST.

Sitharaman mentioned the Council determined to proceed a waiver of I-GST on free COVID-19 associated provides imported from overseas.

Also, the panel determined that the Centre will borrow Rs 1.58 lakh crore and go it on to the states to make up for the shortfall of their revenues from the implementation of the GST.

A particular session of the Council will likely be held quickly to contemplate extending the five-year GST shortfall compensation interval to states past 2022.

The panel supplied reduction to small GST taxpayers by way of an amnesty scheme for late return filers.

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