Tax on COVID-19 vaccines unchanged; ‘black fungus’ drug added to import exempt list-Business News , GadgetClock
Finance minister Nirmala Sitharaman, chairing the Council’s first meet in almost eight months on Friday, mentioned the waiver of I-GST will proceed on free COVID-19 associated provides imported from overseas until 31 August
New Delhi: The GST Council on Friday left taxes on COVID-19 vaccines and medical provides unchanged however exempted responsibility on import of a drugs used for remedy of black fungus.
A gaggle of ministers will deliberate on tax construction on the vaccine and medical provides, Finance Minister Nirmala Sitharaman instructed reporters after a gathering of the GST Council.
The GST Council, which is headed by the Union Finance Minister and includes representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the remedy of black fungus. At present, vaccines appeal to 5 p.c GST.
Sitharaman mentioned the Council determined to proceed a waiver of I-GST on free COVID-19 associated provides imported from overseas.
Additionally, the panel determined that the Centre will borrow Rs 1.58 lakh crore and go it on to the states to make up for the shortfall of their revenues from the implementation of the GST.
A particular session of the Council can be held quickly to take into account extending the five-year GST shortfall compensation interval to states past 2022.
The panel supplied reduction to small GST taxpayers by way of an amnesty scheme for late return filers.
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