GST Council Meeting Highlights: Finance Minister Nirmala Sitharaman chaired the 44th GST Council Meeting via video conference on June 12. At the press briefing following the meeting, Sitharaman announced that the GoM's recommendation on bringing down rates on certain COVID-19 essentials have been accepted. The new rates will remain in effect till at least September 30. After the GST Council's previous meeting on May 28, a Group of Ministers (GoM) was set up to recommend tax relief on COVID essentials, including PPE kits, masks and vaccines, to the GST council. The GoM had recommended cutting the GST rates on a number of COVID-related essential items including medical oxygen, cylinders, ventilators, concentrators, and life-saving drugs like Remdesivir, which are domestically produced or commercially imported.
The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
GST Council Meeting Update
| The Goods and Service Tax Council, on the recommendation of the Group of Ministers (GoM), slashed the GST rates on a number of items crucial in the fight against the COVID-19 pandemic. These include essential medicines, oxygen, oxygen generation equipment and related devices, and diagnostic and testing machine kits.The new rates will remain in effect till at least September 30. Read full report.
GST Council Meeting LIVE Updates | GST on pulse oximeters, HFNC device reduced to 5%
The GST on anti-coagulants like Heparin, high flow nasal canula (HFNC) device and pulse oximeters has been reduced to 5 percent from 12 percent at present. The tax rate on"any other drug recommended by Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid treatment" would also be capped at 5 percent, the Finance Ministry said.
GST Council Meeting LIVE Updates | GST on hand sanitizer, temperature check equipment reduced to 5%
The GST on hand sanitisers and temperature check equipment has been reduced to five percent from 18 percent at present, as per the press release issued by the Finance Ministry following the 44th GST Council meeting.
GST Council Meeting LIVE Updates | GST on ventillators, medical oxygen, COVID testing kits slashed to 5%
The GST on ventilators, medical grade oxygen, COVID-19 testing kits, oxygen concentrators and BiPAP machine have been brought down to 5 percent from 12 percent at present.
GST Council Meeting LIVE Updates | Sitharaman justifies maintaining 5% GST on COVID-19 vaccines
"Five percentGST on vaccines will stay. The Centre will buy the 75 percentvaccine as announced and will pay its GST too. But 70 percentof income from GST will be shared with states," Nirmala Sitharaman said, as she justified the decision to maintain GST on vaccines. Earlier, she had claimed that waiving off the GST would compel the manufacturers to raise the cost to offset the impact of taxes paid on inputs.
GST Council Meeting LIVE Updates | GST rates on oxygen equipment, testing kits, COVID relief material to be announced soon: FM
"GST rates have been decided for 4 categories of products- medicines, oxygen, oxygen-generation equipment, testing kits and other machines and other COVID19 related relief material. Rates to be announced soon,"Finance Minister Nirmala Sitharamansaid.
GST Council Meeting LIVE Updates:GST on Remdesivir reduced to 5%, nil tax on Tocilizumab
The GST Council has approvedrate reduction for Remdesivir from 12% to 5% and a nil tax would be charged onTocilizumab, the finance minister said.
GST Council Meeting LIVE Updates | GST on ambulance brought down to 12%
"GST on electric furnaces and temperature checking equipment brought down to 5% and on ambulances to 12%. These rates will be valid till September as against August end recommended by the GoM,"Finance Minister Nirmala Sitharamansaid on the outcome of 44th GST Council meet.
GST Council Meeting LIVE Updates | No GST on black fungus drug Amphotericin B
No GST would be levied on Amphotericin B, the antifungal drug used for black fungus treatment, Nirmala Sitharaman said following the 44th GST Council Meeting.
GST Council Meeting LIVE Updates: No change in rate for COVID-19 vaccines: Sitharaman
There will be no change in the GST rate for COVID-19 vaccines, Finance Minister Nirmala Sitharaman said. The vaccines are currently charged a GST of 5 percent.
GST Council Meeting LIVE Updates:
GST Council approved all recommendations of GoM on rate rationalisation.GST on ambulances reduced to 12 percent: CNBC-TV18, citing sources
GST Council Meeting LIVE Updates |
The COVID-19 second wave resulted in further slowdown for startups that were just beginning to recuperate and revive from the impact that the first wave left on them. Despite good attention from the government, there are many sectors that have suffered due to the GST applicability in a manner that has eroded their working capital. Therefore, there is a definitive need now to ensure that corrective actions are taken to remove certain anomalies.
Let’s have a closer look into few of sectors that need immediate corrections.
GST Council Meeting LIVE Updates:
"As the GST Council meeting is still in progress, the press briefing is slightly delayed. The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted," the Ministry of Finance said in a tweet.
GST Council Meeting LIVE Updates |
Finance Minister Nirmala Sitharaman expected to hold a media briefing shortly
GST Council Meeting LIVE Updates |
Delhi govt to pitch for 0% GST on COVID-19 vaccines, oxygen cylinders, oxymeters, PPE kits, sanitisers and masks: CNBC-TV18, citing sources
JUST IN | GST Council Meeting begins
GST Council Meeting LIVE Updates |
Here are some highlights from the previous meeting on ay 28:
> Adhoc exemptions granted for COVID-related equipment. GST Council decided to exempt the import of many such items. The exemption has been extended to August 31, 2021.
> Exemptions will be granted to the import of relief items even if they have been purchased as long as they are meant for donations to state governments. Earlier, IGST exemption was granted only free of cost imports.
> In view of rising Black Fungus cases, Amphotericin B has also been included in the exemptions
GST Council Meeting LIVE Updates |
A group of state ministers is learnt to have recommended cutting of GST rates on a number ofCOVID-related essential items including medical oxygen,cylinders, ventilators, concentrators, and life-saving drugs like Remdesivir, which are domestically produced or commercially imported.
These items are expected to be up for discussions in the next meeting of the all-powerful GST Council on June 12, a senior official toldMoneycontrol.
The GoM, formed after the last GST Council meeting on May 28 to deliberate on possible reductions in COVID-related items, has however not suggested a reduction in the levy for COVID-19 vaccines, the rate of which stands at 5 percent. The GoM submitted its report on June 8.
GST Council Meeting LIVE Updates |
The all-powerful GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 12to decide on GST rate cut for COVID essentials and black fungus medicine,officials told news agency PTI.
In the previous meeting on May 28, the Council, which has state ministers as members, a Group of Ministers (GoM) was set up to recommend tax relief on COVID essentials, including PPE kits, masks and vaccines, to the GST council.
The GoM submitted its report on June 7.
Officials told PTIthe GST Council would be meeting on June 12, to discuss the GoM report as well as consider tax rate cuts for black fungus medicine.
Some state Finance Ministers in the GoM are understood to have pitched for a rate cut on COVID essentials.
Good morning! Welcome to ourLIVE coverage of the 44th Goods and Services Tax (GST) Council Meeting, which is expected to begin at 11 am. Finance Minister Nirmala Sitharaman will address a press conference in the afternoon on the decisions taken by the GST Council. Stay tuned for updates!
