Health

Complete list of tax cuts on COVID essentials

The board said the tax cut is valid until September 30 and can be extended further as the deadline approaches.

At its 44th meeting on Saturday, the Goods and Services Tax (GST) Council, chaired by Treasury Minister Nirmala Sisaraman, approved all GoM recommendations on rate rationalization. ANI

On Saturday, the GST Council recommended reducing the tax rate on COVID-related essentials such as oxygen concentrators, test kits, masks and gloves to 5%, and the black fungal drug amphotericin and the immunosuppressant tocilizumab “Zero GST”. Was recommended.

The board said the tax cut would be valid until September 30, 2021 and could be extended further as the deadline approaches.

At the 44th meeting on Saturday, the Goods and Services Tax (GST) Council, chaired by Treasury Minister Nirmala Sisaraman, said COVID-19 (New Coronavirus Infection) Necessities.

However, although most medicines have been tax-reduced, the council maintains a GST of 5%. COVID-19 (New Coronavirus Infection) vaccine.

After the last meeting of the GST Council on May 28, GoM COVID-19 (New Coronavirus Infection) Submit essentials such as PPE kits, masks and vaccines to the GST Council.

GST tax rate will be reduced COVID-19 (New Coronavirus Infection) medicine:

The Finance Minister added that GST tax rates are set for four categories of products, including pharmaceuticals, oxygen, oxygen generators, test kits and other machinery. COVID-19 (New Coronavirus Infection) Related relief supplies.

Tocilizumab and amphotericin B are drugs used to treat the influential fungal disease black fungus and are tax-free. Coronavirus patient.

The council approved reductions in anticoagulant treatments such as heparin and remdesivir COVID-19 (New Coronavirus Infection) , 12 to 5 percent.

Significant reduction in tax cuts for oxygen concentrators

The council has reduced the tax rate on medical grade oxygen, BiPaP machines, oxygen concentrators, ventilators and pulse oximeters from 12% to 5%. The ambulance GST has been reduced from the current 28% to 12%.

Category item Current GST rate
COVID-19 (New Coronavirus Infection) Vaccine “}”> COVID-19 (New Coronavirus Infection) vaccine All vaccines Five %% Five%

medicine

Tocilizumab Five% None
Amphotericin B Five% None
Anticoagulants like heparin 12% Five%
Remdesivir 12% Five%
Other drugs recommended by the Ministry of Health and Family Welfare (MoHFW) and the Ministry of Pharmaceutical Sciences (DoP) for Covid treatment Applicable charges Five%

Oxygen, oxygen generators and related medical devices

Medical grade oxygen 12% Five%
Includes oxygen concentrators / generators and their personal imports 12% Five%
Ventilator 12% Five%
Ventilator mask / cannula / helmet 12% Five%
BiPAP machine 12% Five%
High Flow Nasal Cannula (HFNC) Device 12% Five%

Test kit and machine

Covid test kit 12% Five%
Specific inflammatory diagnostic kits: D-dimer, IL-6, ferritin, LDH 12% Five%
COVID-19 (New Coronavirus Infection) Related Remedies “}”>

Includes pulse oximeters and their personal imports 12% Five%
Hand sanitizer 18% Five%
Temperature check device 18% Five%
Gas / electricity / other furnaces (including installation) for crematoriums, etc. 18% Five%
ambulance 28% 12%

“Today’s meeting is a single agenda meeting on ministerial groups, consisting of the previous GST Council meeting. COVID-19 (New Coronavirus Infection) A must-have item. “

“5 percent of the vaccine’s GST remains. The center buys 75 percent of the vaccine as announced and pays for that GST,” she added.

“GST for electric furnaces and temperature checkers has been reduced to 5% and ambulances to 12%. These tax rates are valid until September, compared to the end of August recommended by GoM,” Sitharaman said. He described the results of the GST Council.

The GST Council has stated tax rates for other drugs recommended by the Ministry of Health and the Ministry of Pharmaceuticals (DoP) for treatment. COVID-19 (New Coronavirus Infection) It decreases from 12 percent to 5 percent.

The 43rd GST Council on May 28th was held after a gap of almost eight months. The previous 42nd GST Council Meeting was held last year on October 5, 2020.

Input from the institution



Complete list of tax cuts on COVID essentials Source link Complete list of tax cuts on COVID essentials

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