GST Council Exempted GST On Import Of Covid-Related Equipment  - Viral Bake

GST Council Exempted GST On Import Of Covid-Related Equipment 

On Friday, the GST council extended the GST exemption till August 31, on the import of Covid-related equipment. This action also assists in increasing the availability of critical equipment required in the treatment of Covid-19.

Source: The Economic Times

The GST Council has also kept Amphotericin-B under the Covid-related equipment. These are used in the treatment of mucormycosis or black fungus.

Earlier, Nirmala Sitharaman had ruled out exempting Covid medicines, vaccines, and oxygen concentrators from GST. She said that exempting these will make the lifesaving items costlier for manufacturers as well as consumers.

Also Read: Aatmanirbhar 3.0: Nirmala Sitharaman Announces Atmanirbhar Bharat Rozgar Yojana To Boost Employment

However, commercial imports of vaccines and domestic supplies incur a 5 percent GST while oxygen concentrators and Covid drugs attract a 12 percent levy.

Finance Minister Nirmala Sitharaman said, “Issues of Covid-related equipment was one of the items on the agenda that had a very detailed discussion. Many issues were raised and discussed. The GST Council has decided to exempt the import of relief items till August 31.” 

Also Read: Do You Need Money For Covid Treatment? Withdraw Your PF Amount Easily!

Additionally, she added to her statement that the central government will borrow Rs 1.58 lakh crore to compensate states for revenue loss. The GST Council will hold special a session to discuss extending paying compensation to states beyond 2022.” 

Singh Vivek

With over 5 years of writing obituaries for a different organisation, I have a uniquely wry voice that shines through in my newest collection of articles.

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