The GST Council in its 44th meet held via video-conferencing today gave a go-ahead to all the recommendations proposed by GoM in respect of rate rationalisation.
Here are the key takeaways from the 44th GST Council meet:
1. GST on Ambulance lowered to 12%: "GST on electric furnaces and temperature checking equipment brought down to 5% and on ambulances to 12%. These rates will be valid till September as against August end recommended by the GoM," FM Sitharaman said detailing the outcome of 44th GST meet.
2. No GST shall be charged for anti-fungal drug Amphotericin B:
Also, there shall be charged no GST on anti-fungal drug Amphotericin B that is being used for treating black fungus infection.
3. No change in the GST rate for Covid vaccine:
The Council has adhered to 5% GST on vaccines. Also, 5% uniform GST will apply on medical oxygen, ventilators, pulse oximeters, testing kits, etc
4. GST on Remdesivir reduced to 5%:
The Council has allowed GST rate reduction for Remdesivir from 12% to 5% and a nil tax would be charged on Tocilizumab, the finance minister said.
The GoM, constituted by the Council on May 28, was entrusted with the task of overseeing tax exemption and rebates in respect of several Covid 19 relief items such as vaccines, equipment and drugs.
"Today's meeting was a single-agenda meeting on the Group of Ministers which was constituted in last GST Council meeting to come up with recommendations on tax relief for Covid-19 essentials," said Finance minister.