Tax cut on Covid essentials bring relief to people

The Finance Minister of India, Nirmala Sitharaman, has informed that The Goods and Services Tax Council has lowered the slab on vaccination and other essential items related to Covid-19.

This historic decision was taken at the 44th GST Council Meet held under the chairmanship of Sitharaman on June 12. The prices of the Covid related essentials and the vaccination will remain low till September 30, 2021.

The Council has consented to stick to a 5% tax on vaccination.

5% tax rate will be applicable on medicines including anti-coagulants and other drugs recommended by the Ministry of Health and Family Welfare and Department of Pharma for Covid treatment.

The tax slab on Tocilizumab and Amphotericin B has been completely removed. The GST on medical oxygen concentrators, ventilators, high flow nasal cannula has been reduced to 5%.

These reduced rates to be applicable only up to September 30, 2021.