Many decisions have been taken at the 44th meeting of the GST Council on Saturday. These decisions have a direct impact on the general public. Today, the GST Council has slashed the tax rate on drugs used in the treatment of Covid-19, such as remdecivir, oxygen concentration and medical grade oxygen. However, the tax rate on the Kovid-19 vaccine is kept at five per cent. The council has decided to repeal the tax on tocilizumab and amphotericin. They are currently taxed at five per cent.
The GST rates on remdecivir and heparin have been reduced from 12 to 5 per cent. Finance Minister Nirmala Sitharaman on Saturday said the tax rate on medical grade oxygen, oxygen concentrators, ventilators, bipolar machines and HFNC equipment has also been reduced from 12 to 5 per cent.
The GST Council has approved the reduction of the Remedicivir rate from 12% to 5%. Tocilizumab, Amphotericin B .There is no tax on drugs. GST rates on specific materials used up to 30 September 2021 in COVID19 relief and maintenance pic.twitter.com/uP8DPqrooI
– ANI (@ANI) June 12, 2021
Five percent of tax is now payable on the Kovid test kit. So far, it has been taxed at 12 per cent. Tax rates on pulse oximeters, hand sanitizers, temperature test equipment and ambulances have also been reduced to five per cent.
