GST Council meeting today, will the tax slab on vaccine and black fungus medicine be reduced?

New Delhi: The meeting of the GST Council will be held today under the chairmanship of Union Finance Minister Nirmala Sitharaman. In this, a decision can be taken on reduction in GST rate on essential items related to Kovid-19 and medicines of black fungus. The recommendations of the Group of Ministers (GoM) will be considered in the meeting.

In fact, in the last meeting of the GST Council on 28 May, it was decided to constitute a Group of Ministers (GoM) to give exemption in GST on Kovid-19 essential items including vaccines, medicines, test kits and ventilators. The GoM submitted its report on June 7 and it will be discussed in today’s meeting.

Finance ministers of states and union territories will attend the meeting
The virtual meeting of the GST Council will be attended by Union Minister of State for Finance Anurag Thakur as well as Finance Ministers and senior officials of states and union territories. -19 is in favor of cutting taxes on essentials, but will accept the decision of the GST Council on tax. Khanna is also a member of GoM.

GST levied from 5 to 18 percent
The GoM has been provided with drugs, test kits, vaccines, medical grade oxygen, pulse oximeter, hand sanitisers, oxygen therapy equipment (concentrator, generator and ventilator), PPE kits, N95 masks, surgical masks, thermometers for COVID-19 treatment. But the report was to be given on the concession or exemption in GST.

While vaccines and cotton masks attract 5% GST, most of these items fall in the 12% tax slab. Test kits, medicines, medical oxygen, oxygen concentrators and ventilators come under 12% tax bracket. Alcohol-based sanitizers, hand wash gels, thermometers attract 18% GST. The GoM was formed after several council member states like West Bengal and Punjab demanded exemption from GST on all essential items related to Kovid.

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