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The new rates will be applicable for a limited period – until September. The reduction, which will include medicines, such as remdesivir and tocilizumab apart from black fungus drug Amphotericin B, will translate into lower prices for patients who have been hit by the deadly virus.
The GST Council on Saturday slashed tax rate on COVID-19 drugs such as Remdesivir and Tocilizumab as well as on medical oxygen and oxygen concentrators but ignored demands for reduction in taxes on vaccines.
The Council, acting on the recommendation of a group of ministers from different states, cut to nil GST on COVID-19 drug Tocilizumab and black fungus medicine Amphotericin B, from existing 5 per cent. Besides, hand sanitiser, pulse oximeter, BiPAP machine, testing kit, ambulance and temperature check equipment were among the 18 items on which GST rates were lowered.
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A 5 per cent GST levy on vaccines will continue which will allow manufacturers to get benefit of settling taxes paid on inputs.
Review GST sop’s timing, urges industry
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GST Council set to decide on rate cuts for crucial COVID-19 related vaccines, medicines, equipment
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,08/06/2021.Oxygen cylinders being monitered by a health worker at the Samudrika Convention Centre of Cochin Port Trust in the city which has been converted into a Covid19 treatment centre. Photo:H VIBHU.
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VIBHU H
GST Council set to decide on rate cuts for crucial COVID-19 related vaccines, medicines, equipment
While the GST Council meets on Saturday to discuss tax cuts on critical COVID-19 related material including vaccines, medicines and equipment, industry donors are urging a rethink on the timing for the applicability of the Integrated GST (IGST) exemption announced on imported relief supplies after the council’s last meeting.
States including Odisha, Gujarat, Punjab, Chhattisgarh, Kerala and West Bengal sought full GST waiver for Covid vaccines, drugs and related essentials in the public interest amid the second wave of the pandemic.