Business / Big decision in GST Council meeting reduced tax on remdesivir ambulance

GST Council Meeting: Many big decisions have been taken in the 44th meeting of the GST Council on Saturday. These decisions will directly affect the common man. Today, the GST Council has cut the rate of tax on drugs used in the treatment of Kovid-19 such as Remdesivir, oxygen concentrator and medical grade oxygen. However, the tax rate on the COVID-19 vaccine has been retained at five per cent. The Council has decided to abolish the tax on tocilizumab and amphotericin. At present they were taxed at five per cent.

The GST rate on Remdesivir and Heparin has been reduced from 12 to 5 percent. Finance Minister Nirmala Sitharaman said on Saturday that the tax rate on medical grade oxygen, oxygen concentrators, ventilators, BIPAP machines and HFNC equipment has also been reduced from 12 to 5 per cent.

Now five percent tax will have to be paid on the Kovid test kit. Till now it was taxed at 12 per cent. The tax rate on pulse oximeters, hand sanitisers, temperature testing devices and ambulances has also been reduced to five per cent. These changes will be applicable till 30 September.

In today's meeting, along with Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, Finance Ministers of Union Territories and States also attended this meeting. In the meeting of the GST Council held on 28 May, it was proposed to make essential goods related to the treatment of Kovid 19 tax free.