GST Council did not change GST rate on Kovid drugs – gst council did not change gst rate on kovid drugs
Finance Minister Nirmala Sitharaman said after the council meeting that the Group of Ministers will discuss about the tax structure on medical supplies and vaccines.
The 43rd meeting of the GST Council under the chairmanship of the Finance Minister was held on Friday through video conferencing. The council consists of finance ministers and representatives from all states and union territories.
After the meeting, the Finance Minister said that it has been decided to exempt the import of Amphotericin-B, a drug used in the treatment of black fungus disease, from the integrated GST. At present, GST is levied at the rate of five per cent.
The Finance Minister said, “To compensate for the GST revenue of the states, the Central Government will raise the loan this year as it did last year and will release it to the states. This year this amount will be Rs 1.58 lakh crore. ”
Regarding the cess system introduced at the time of the implementation of the GST system, the Finance Minister said that a special session of the GST Council will be convened to consider the issue of keeping the cess system in force even after July 2022, in which only this matter will be discussed. There will be discussion.
It is worth mentioning that while implementing the GST system in July 2017, a system was introduced to impose cess on certain items to compensate the states for their shortfall in revenue for five years. The amount of the cess is released to the states to offset their revenue.
In today’s meeting of the council, relief has been announced for small taxpayers filing delayed returns through the amnesty scheme.
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