GST Council Meeting announces tax cuts on COVID vaccines, black fungus drug, medical equipment freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
The GST Council on Saturday slashed tax rate on COVID-19 drugs such as Remdesivir and Tocilizumab as well as on medical oxygen and oxygen concentrators but ignored demands for reduction in taxes on vaccines.
The Council, acting on the recommendation of a group of ministers from different states, cut to nil GST on COVID-19 drug Tocilizumab and black fungus medicine Amphotericin B, from existing 5 per cent. Besides, hand sanitiser, pulse oximeter, BiPAP machine, testing kit, ambulance and temperature check equipment were among the 18 items on which GST rates were lowered.
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A 5 per cent GST levy on vaccines will continue which will allow manufacturers to get benefit of settling taxes paid on inputs.
It is believed that matter of taxing vaccines has been left to the GST Council while rates on other Covid relief materials have been suggested at 5 per cent for a limited period