New Delhi:
The GST Council on Saturday slashed the tax rate on COVID-19 medicines such as Remdesivir and equipment like oxygen concentrators and medical grade oxygen.
While GST on Tocilizumab and Amphotericin B is slashed to nil from 5 per cent, the rate on Remdesivir and anti-coagulants like Heparin is lowered from 12 per cent to 5 per cent.
Tax on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices has been cut to 5 per cent from 12 per cent, Finance Minister Nirmala Sitharaman said.
Also, tax on Covid testing kits has been brought down to 5 per cent from 12 per cent. Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax, she said.
GST on electric crematoriums and temperature checking equipment brought down to 5% and on ambulances to 12%. These rates will be valid till September as against August end recommended by the GoM(group of ministers).
Imports of mucormycosis drug Amphotericin B are exempted from tax as was decided in the last meeting held on May 28.
In its last meeting held on May 28, the Council had decided to set up a GoM to look into the matter of taxes on Covid vaccines, equipment and medicines.
The GoM, headed by Meghalaya chief minister Conrad Sangma, had submitted its report on June 7.