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Now Tocilizumab, Amphotericin B tax-free, GST Council reduces tax rate on COVID essentials, Details

Farhat NasimWritten by Farhat Nasim Published On 2021-06-12T19:55:30+05:30  |  Updated On 14 Jun 2021 3:51 PM IST
Now Tocilizumab, Amphotericin B tax-free, GST Council reduces tax rate on COVID essentials, Details
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New Delhi: The Goods and Services Tax (GST) Council on Saturday has announced a significant reduction in the tax rate to 5 percent on 14 major Covid-19 essentials, including testing kits and hand sanitisers.

This came during the 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today.

The meeting was also attended by the Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.

The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September 2021.

Among the significant tax reductions, the GST Council has cut the tax rate from 12% to 5% on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices.

While GST on black fungus or mucormycosis drugs like 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.

Earlier tax brackets prevailed in the range of 12% and 18%.

The details of recommendations are given below :

S. No.

Description

Present GST Rate

GST Rate recommended by GST Council

  1. Medicines

1.

Tocilizumab

5%

Nil

2.

Amphotericin B

5%

Nil

3.

Anti-Coagulants like Heparin

12%

5%

4.

Remdesivir

12%

5%

5.

Any other drug recommended by Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid treatment

Applicable Rate

5%

  1. Oxygen, Oxygen generation equipment and related medical devices

1.

Medical Grade Oxygen

12%

5%

2.

Oxygen Concentrator/ Generator, including personal imports thereof

12%

5%

3.

Ventilators

12%

5%

4.

Ventilator masks / canula / helmet

12%

5%

5.

BiPAP Machine

12%

5%

6.

High flow nasal canula (HFNC) device

12%

5%

  1. Testing Kits and Machines

1.

Covid Testing Kits

12%

5%

2.

Specified Inflammatory Diagnostic Kits, namely D-Dimer, IL-6, Ferritin and LDH

12%

5%

  1. Other Covid-19 related relief material

1.

Pulse Oximeters, incl personal imports thereof

12%

5%

2.

Hand Sanitizer

18%

5%

3.

Temperature check equipment

18%

5%

4.

Gas/Electric/other furnaces for crematorium, including their installation, etc.

18%

5%

5.

Ambulances

28%

12%

These rate reductions/exemptions shall remain in force upto 30th September 2021.


gst councilnew tax ratescovid19covid goodsfinance minister sitharamantocilizumabremdesivirAmphotericin Bblack fungustax cutnew tax rate
Farhat Nasim
Farhat Nasim

    Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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