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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. Advertisement A 5 per cent GST levy on vaccines will continue which will allow manufacturers to get benefit of settling taxes paid on inputs. ....
The government needs to urgently resolve the confusion over the GST rate to be levied on oxygen concentrators imported for personal use, tax experts said on Saturday. While the import of such concentr ....
URL copied Image Source : FILE PHOTO Revenue Secretary Tarun Bajaj said the economy has not suffered as much this year amid the second wave of COVID-19 as compared to last year when there was complete lockdown. (Representational image) Revenue Secretary Tarun Bajaj on Friday said the economy has not suffered as much this year amid the second wave of COVID-19 as compared to last year when there was complete lockdown. He further said if Rs 1.10 lakh crore gets collected every month on average through the Goods and Services Tax (GST), then the states GST revenue deficit would be around Rs 1.5 lakh crore this fiscal. ....