Business

GST Council Cuts Rates On COVID Supplies, No Tax On Black Fungus Medicine

GST Council Cuts Rates On COVID Supplies, No Tax On Black Fungus Medicine

GST Council Meeting 2021: Finance Minister chaired the 44th GST Council virtually tomorrow

GST Council Meeting 2021: Finance Minister Nirmala Sitharaman chaired the 44th good and services tax (GST) council meeting on Saturday, June 12, through video conferencing. 

According to the Ministry of Finance, the meeting is attended by Anurag Thakur, Minister of State for Finance, along with finance ministers and senior officials of the states and union territories. The meeting is expected to decide on tax cuts for COVID-19 essential items such as medical grade oxygen, hand sanitisers, pulse oximeters, ventilators, oxygen concentrators, as well as black fungus medicine. (Also Read: GST Council Meet: Tax Cut On COVID Essentials, Black Fungus Medicine On Agenda )

In its previous meeting on May 28, the GST Council referred the decision over the tax rates on COVID vaccines to a group of ministers (GoM). The GST Council meeting will discuss the report of the GOM, headed by Meghalaya Deputy Chief Minister Conrad Sangma, on GST concessions on COVID-19 essential items, and decide on the final GST rates. 

In the previous GST meeting, the tax was exempted on the import of Amphotericin B - the medicine used for the treatment of the black fungus infection. The 43rd GST council meeting on May 28 was conducted after a gap of almost eight months. The earlier one - 42nd GST Council meeting, was held last year, on October 5, 2020.