New DelhiOne hour ago
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In the meeting of the GST Council held on 28 May, no decision could be taken regarding tax deduction on goods related to Kovid. – file photo
- The decision will be taken after considering the report of the Group of Ministers
- The decision regarding tax could not be taken in the meeting of 28 May.
The meeting of the GST Council, which takes all the necessary decisions related to the Goods and Services Tax (GST), is going to be held on June 12. In this meeting, a decision is expected to be taken on reduction of tax rates on essential goods related to Kovid and medicine of black fungus. Officials have given this information.
In the last meeting, it was decided to form a group of ministers.
Earlier on May 28, a meeting of the GST Council was held. In this meeting, it was decided to form a Group of Ministers (GoM) to fix the tax rates on essential items related to Kovid like PPE kits, masks and vaccines. Due to this, on the very next day i.e. 29 May, a group of 8 ministers was formed. Meghalaya CM Conrad Sangma was made the convener of this group of ministers. The GoM was to submit its report on June 7.
Finance ministers of many states advocated tax cuts
According to officials, the meeting of the GST Council will be held on June 12. In this, tax cuts will be considered on the basis of the report of the Group of Ministers. Finance ministers of many states included in the GoM have advocated reduction in tax rates on essential goods related to Kovid. GoM member and Uttar Pradesh Finance Minister Suresh Kumar Khanna said on Wednesday that he is in favor of deduction of tax on items related to Kovid for the convenience of patients. But the decision of the GST Council regarding the tax rate will be accepted.
Possibility of reduction in tax on these items
Goods on which tax can be deducted or exempted include medical grade oxygen, pulse oximeter, hand sanitizer, equipment used in oxygen therapy like concentrators, ventilators, PPE kits, N-95 and surgical masks, temperature measuring devices Huh. Apart from this, the GoM was also to report on the tax rates on the vaccine of Kovid, the drug-medicine used in the treatment of Kovid and the testing kit used in the investigation of Kovid.
tax rate on drugs
At present, 5% GST is being charged on the domestically made Kovid vaccine. At the same time, 12% GST is being levied on medicines and oxygen concentrators related to Kovid. Common people including opposition parties, social organizations are demanding reduction in GST rates on medicines and other devices related to Kovid. So that the common people can get the medicines of Kovid at affordable rates.