GST Council keeps rates unchanged for COVID-19 vaccine, no tax on black fungus drugs

The 44th meeting of the GST Council, the second this year in the midst of the second wave of Covid pandemic, began through video conferencing. The meeting is chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting.

The GST Council has now approved the recommendations of GoM on GST rates on COVID relief material. It further agreed to stick to a 5% GST rate on the COVID-19 vaccine. There will be no change in the GST rate for vaccines, said Finance Minister Nirmala Sitharaman.

The GST Council has also decided to slash rates for Tociluzumab, Amphotericin to Nil. Besides that, the Council also gave approval to GST rate reduction for Remdesivir from 12% to 5%. The GST on ambulances has been reduced to 12%.

No GST would be levied on Amphotericin B, the antifungal drug used for black fungus treatment, Nirmala Sitharaman said following the 44th GST Council Meeting.

The meeting took place after the 43rd meeting of the Council on May 28 which announced a series of duty concessions on COVID relief items in addition to relaxation of compliance measures for taxpayers.

At the last meeting of the Council, it was decided to form a group of ministers (GoM) to examine the need for further reductions and decide on any new rates for medical equipment and vaccines.

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Tags: COVID-19 vaccines Goods and Services Tax GST GST Council Nirmala Sitharaman