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.
It was 65% higher than Rs 62,009 crore in the year earlier, when the lockdown was in place. May revenue exceeded Rs 1 lakh crore for the eighth month in a row. Some experts said the numbers were higher than expected and pointed to the economy getting back on track.
Though the GST revenues in May 2021 are lower than the record Rs 1.41 lakh crore collections made in the previous month, the highest since the introduction of the tax in 2017, they are still significant.
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