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GST Council Meeting announces tax cuts on COVID vaccines, black fungus drug

03:42 PM Jun 12, 2021 | FPJ Web Desk

As expected, the GST Council announced tax cuts on essential COVID vaccine items. GST on electric furnaces and temperature checking equipment brought down to 5 percent and on ambulances to 12 percent. These rates will be valid till September as against August end recommended by the GoM," Finance Minister Nirmala Sitharaman said on the outcome of 44th GST Council meet.

Finance Minister Nirmala Sitharaman on June 12 announced tax cut COVID-19 essential items. The decision was taken during the meeting of the GST Council held earlier in the day. No decision was taken on black fungus medicine.

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Finance Minister Nirmala Sitharaman chaired the 44th GST Council Meeting on Saturday (June 12) via video conferencing. The meeting begin at 11 AM.

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The Group of Ministers (GoM) was formed after the last GST Council meeting on May 28 to deliberate on possible reductions in COVID-related items.

The GoM includes Meghalaya Chief Minister Conrad Sangma, Gujarat Deputy Chief Minister Nitin Patel, Maharashtra Deputy Chief Minister Ajit Pawar, Goa Transport Minister Mauvin Godinho, Kerala Finance Minister KN Balagopal, Odisha Finance Minister Niranjan Pujari, Telangana Finance Minister T Harish Rao, and Uttar Pradesh Finance Minister Suresh Khanna.

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.

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