The GST Council on Friday left taxes on COVID-19 vaccines and medical provides unchanged however exempted obligation on import of a drugs used for therapy of black fungus. A gaggle of ministers will deliberate on tax construction on the vaccine and medical provides, Finance Minister Nirmala Sitharaman advised reporters after a gathering of the GST Council.
The GST Council, which is headed by the Union Finance Minister and contains representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the therapy of black fungus. At present, vaccines entice 5 per cent GST.
Sitharaman stated the Council determined to proceed a waiver of I-GST on free COVID-19 associated provides imported from overseas.
Additionally, the panel determined that the Centre will borrow Rs 1.58 lakh crore and go it on to the states to make up for the shortfall of their revenues from the implementation of the GST.
A particular session of the Council shall be held quickly to contemplate extending the five-year GST shortfall compensation interval to states past 2022.
The panel offered aid to small GST taxpayers by an amnesty scheme for late return filers.