GST Council Meeting 2021 Outcome updates: Council agrees to 5% GST rate on vaccine; approves rate cut for Remdesivir from 12% to 5%

GST Council Meeting 2021 Date: Finance Minister Nirmala Sitharaman will chair the 44th GST Council meeting at 11 am today, June 12. 

GST Council Meeting 2021 Outcome updates: Council agrees to 5% GST rate on vaccine; approves rate cut for Remdesivir from 12% to 5%
The minister is likely to take call on suggestions made by the Group of Ministers (GoM) that was set up to recommend tax relief on Covid 19 essentials, including PPE kits, masks and vaccines. Source: Pixabay/PTI

GST Council Meeting 2021 Date: Finance Minister Nirmala Sitharaman will chair the 44th GST Council meeting at 11 am today, June 12. The minister is likely to take call on suggestions made by the Group of Ministers (GoM) that was set up to recommend tax relief on Covid 19 essentials, including PPE kits, masks and vaccines. The GoM submitted its report to the GST council on June 7. The GoM was set up in the previous meeting of GST council on May 28. Catch all LIVE updates below

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The minister is likely to take call on suggestions made by the Group of Ministers (GoM) that was set up to recommend tax relief on Covid 19 essentials, including PPE kits, masks and vaccines.

Earlier, news agency PTI quoting officials privy to the matter, has reported that all-powerful council will discuss and implement GST rate cut for Covid 19 essentials and black fungus medicine. The date confirmation comes after a Group of Ministers (GoM) that was set up to recommend tax relief on COVID essentials, including PPE kits, masks and vaccines, to the GST council submitted its report on June 7. GoM was set up in the previous meeting of GST council on May 28. 

Sharing the schedule of the meeting on Twitter on Friday, the Ministry of Finance said, "Finance Minister Smt. @nsitharaman will chair the 44th GST Council meeting via video conferencing at 11 AM in New Delhi tomorrow. The meeting will be attended by MOS Shri. @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States."  Catch all LIVE updates below

As per the officials, GST Council is meeting to discuss the GoM report as well as consider tax rate cuts for black fungus medicine.  Some state Finance Ministers in the GoM are understood to have pitched for a rate cut on COVID essentials.   

The GoM on GST concessions on COVID relief items was mandated to examine whether a GST rate cut or exemption is required for medical-grade oxygen, pulse oximeters, hand sanitizers, oxygen therapy equipment like concentrators, ventilators, PPE kits, N-95 and surgical masks and temperature checking equipment.  Besides, the panel also looked into COVID vaccines, drugs, and medicines for COVID treatment and testing kits for COVID detection.   Catch all LIVE updates below

GST Council Meeting 2021 outcome: Catch LIVE updates here 

3: 30 pm: GST Council approves rate cut for Remdesivir from 12% tp 5 %. It also approved GST reduction on Medical grade oxygen, BiPap machines, oxygen concentrators, ventilators, pulse oxymeter, covid testing kits from 12% to 5%  

3: 25 pm: GSTcouncil agrees to stick to 5% GST rate on vaccine. GST council agrees to reduce rates for Tociluzumab, Amphotericin to nil. 

3:15 pm: Nirmala Sitharaman led GST council has approved recommendations of GoM on GST rates on Covid relief material.

11:30 AM: Finance Minister Nirmala Sitharaman to hold a press conference to inform about details of outcome of 44th GST council meet  

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Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Updated: Sat, Jun 12, 2021
06:53 PM IST
Patna, ZeeBiz WebDesk
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