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GST Rates on Covid 19 Goods and Black Fungus Drugs Slashed

GST rates
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Finance Minister Nirmala Sitharaman on Saturday announced the reduction in GST Rate Tax (Goods and Service Tax) in Covid 19 and Black Fungus drugs.

 

During the 44th GST Council meeting, the Union Finance Minister announced significant tax reductions on Covid 19 vaccines, medical-grade oxygen, oxygen concentrators, and other drugs and equipment related to Covid 19 and Black Fungus.

The detailed description of the reduction of GST is given below –

S. No.

Description Present GST Rate

GST Rate recommended by GST Council

A.     Medicines

1.

Tocilizumab 5% Nil

2.

Amphotericin B 5% Nil
3. Anti-Coagulants like Heparin 12%

5%

4. Remdesivir 12%

5%

5.

Any other drug recommended by Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid treatment Applicable Rate

 

5%

B.     Oxygen, Oxygen generation equipment and related medical devices

1.

Medical Grade Oxygen 12% 5%

2.

Oxygen Concentrator/ Generator, including personal imports thereof 12% 5%

3.

Ventilators 12% 5%
4. Ventilator masks / canula / helmet 12%

5%

5. BiPAP Machine 12%

5%

6. High flow nasal canula (HFNC) device 12%

5%

C.     Testing Kits and Machines

1.

Covid Testing Kits 12% 5%
2. Specified Inflammatory Diagnostic Kits, namely D-Dimer, IL-6, Ferritin and LDH 12%

5%

D.     Other Covid-19 related relief material

1.

Pulse Oximeters, incl personal imports thereof 12% 5%

2.

Hand Sanitizer 18% 5%
3. Temperature check equipment 18%

5%

4. Gas/Electric/other furnaces for crematorium, including their installation, etc. 18%

5%

5.

Ambulances 28%

12%

 

These rate reductions and exemptions shall remain in force upto September 30, 2021.
The new tax brackets were announced shortly after the finance minister chaired the 44th meeting of the GST Council. It was aimed at providing tax relief on Covid 19 related individual items based on the report of the Group of Ministers.

The 44th council meeting was attended by the Minister of State for Finance Anurag Thakur. The meet also saw finance ministers of states and Union territories and senior officers from Union government and states in attendance.

In the last GST council meeting held on May 28, taxes on Covid 19 vaccines and medical supplies were unchanged.
As of now, 5 percent GST is levied on domestically manufactured vaccines, while 12 percent is charged on Covid-19 drugs and oxygen concentrators.

Also Read: Covid 19 Second Wave and Acute Shortage of Oxygen in India

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Written by Headline8 Desk

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