Import of Covid-Related Relief items will be exempt from IGST, including for the import of medicine used for treating black fungus, the Finance Minister said today post the meeting of the GST Council.
Any import of Covid-related relief items, even if purchased or meant for donating to government or any other relief agency, will be exempted from the Integrated Goods and Services Tax till Aug. 31, 2021. AmphotericinB, the drug required for treating Mucormycosis fungal infection, has also been included.
The Finance Minister also announced an amnesty scheme for those who missed out on GST payment. GST Council to hold special session to discuss extending paying compensation to states beyond 2022, the Finance Minister also informed.
Centre will borrow Rs 1.58 lakh crores to compensate states for loss of revenue from GST, Sitharaman said after GST Council meeting