5 percent GST on vaccines

5 percent GST on vaccines

5 percent GST on vaccines announced by GST Council:

The GST Council has announced that the five percent Goods and Services Tax (GST) on Covid-19 vaccines will remain the same. It has decided to waive the five percent GST levied on tocilizumab and amphotericin-B, which are used to treat black fungus. Union Finance Minister Nirmala Sitharaman has announced that taxes will be reduced on various other items, including medicines, medical and oxygen equipment used in the war on the corona.

She chaired a meeting of the GST Council on Saturday via video conference. The meeting was attended by Finance Minister Anurag Thakur, Finance Ministers of the States and Union Territories, and other senior officials. The tax on 14 Covid-19 related drugs and equipment, including testing kits, sanitizers, and remnants, which are subject to 12 and 18 percent GST, has been reduced to five percent. The current GST of 28 percent on ambulances has been reduced to 12 percent. The tax rates will be available till September 30 this year and there is a possibility of further extension, said Revenue Secretary Tarun Bajaj.

He said the Center would bear 5 percent GST on 75 percent of the vaccines to be procured by the Center, thereby re-distributing 70 percent of the revenue to the states. He said it would not be a burden on the people as the government was giving the vaccines for free.

Know more about how GST increased the Country’s budget.

Also, know more about Covid 19 updates in Telangana.

Telangana Corona Emergency Contact Information:

For Free Ambulance (Cyberabad)

9490617400

9490617431

For Free cab Services (Rachakonda)

9490617234

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