GST Council Meeting Updates: 44th GST Council decided to bring down GST on electric furnaces and temperature checking equipment to 5 per cent. and on ambulances to 12 per cent.
GST Council Meeting Updates: Finance Minister Nirmala Sitharaman chaired the 44th meeting of the Goods and Services Tax (GST) Council on Saturday, which was due to decide on tax relief for essential goods of Covid-19 and drugs against black fungi.
In the presence of the Minister of State for Finance Anurag Thakur, the Ministers of Finance of the States and Union Territories and senior officials of the Government and States of the Union, the 44th GST Council decided to reduce the TPS on electric ovens and temperature control equipment at 5%. and on ambulances at 12 percent.
Speaking to the media after the meeting in the nation’s capital, Finance Minister Nirmala Sitharaman said reduced GST rates on electric ovens, temperature control equipment and ambulances will be valid until September compared to the end of August recommended by the GoM.
Sitharaman also announced that no TPS will be levied on Amphotericin B, the antifungal drug used for the treatment of black fungi.
Here are the main highlights of the 44th meeting of the Nirmala Sitharaman GST Council:
No change in Covid vaccine rates
According to the council, there would be no change in the GST rates for the Covid-19 vaccine available in the country. It should be noted that all coronavirus vaccines are currently charged a 5% GST.
No GST on black fungus drugs
In extending aid to people infected with the black fungus, FM Sitharaman announced that no TPS will be taken from amphotericin B, the antifungal drug used for the treatment of mucormycosis.
TPS on ambulances, other Covid essentials removed
The council also announced that the GST on electric furnaces and temperature control equipment has been reduced to 5 percent and on ambulances to 12 percent, adding that these rates will be valid until September compared to the end of August recommended by the GoM.
GST on remdesivir reduced to 5%, no tax on tocilizumab
During these announcements, the Minister of Finance also informed that the GST Council had approved the reduction in the rate of Remdesivir from 12% to 5% and that a zero tax would be charged on the drug Tocilizumab used for the treatment of the coronavirus.