Site icon TechiAzi

Finance Ministry notifies concessional GST rate on COVID-related items, services

Image Source : FILE PHOTO/ PTI

Finance Ministry notifies concessional GST rate on COVID-related items, services

The Finance Ministry has notified the concessional rate of GST that will be applicable on COVID relief materials till September 30, 2021. Also, a lower Goods and Services Tax (GST) of 5 per cent will be applicable for work contracts for construction, repair or maintenance of electric furnaces meant for funeral, burial or cremation of the deceased. The earlier tax rate of this service was 12 per cent.

The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on June 12, had slashed tax rate on COVID drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, oxygen concentrators and other COVID essentials.

The Finance Ministry’s Revenue Department on June 14, notified the lower rates for 18 COVID-related supplies, like hand sanitiser, pulse oximeters, BiPAP machine, testing kits, ambulances and temperature check equipment.

These concessional rates would be applicable till September 30, 2021, it added.

The Council in its June 12 meeting had decided to reduce GST on COVID-19 drug Tocilizumab and black fungus medicine Amphotericin B to ‘nil’, from 5 per cent.

The rate on Remdesivir and Anticoagulants like Heparin is lowered from 12 per cent to 5 per cent.

The Council also decided to cut the GST rate on ambulances to 12 per cent from 28 per cent.

Tax on medical-grade oxygen, oxygen concentrators (including personal imports), ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices has been reduced to 5 per cent from 12 per cent.

Also, tax on COVID testing kits, pulse oximeters (including personal imports) has been brought down to 5 per cent from 12 per cent.

Hand sanitisers, temperature check equipment, gas/electric furnaces for crematoriums too will attract a lower 5 per cent tax, from 18 per cent earlier. 

ALSO READ | GST council slashes tax on oximeters, hand sanitisers, Covid testing kits

ALSO READ | Remove GST on medical equipment, Delhi govt to Centre

Latest Business News

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – The content will be deleted within 24 hours.
Exit mobile version