New Delhi. In the 44th meeting of the GST Council to be held today, the decision to cut the rate of GST on medical devices used in the treatment of corona is expected to be stamped. The Group of Ministers (GoM) has already given its recommendations in this regard on June 7. In today’s meeting itself, a decision can be taken to cut the rate of GST on drugs used in the treatment of deadly black fungus.
The meeting of the GST Council will be chaired by Union Finance Minister Nirmala Sitharaman. Apart from Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur, the Finance Ministers of the states and union territories will also participate in the meeting. Apart from these, senior officials of the central and state governments will also attend this meeting.
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Let us tell you that in the last meeting of the GST Council held on 28 May, the issue of reduction in GST rates on medical equipment and essential things used in the treatment of corona was raised prominently. After the issue was raised, a Group of Ministers (GoM) was formed comprising ministers of different states. This group of ministers was given the responsibility to consider and submit a report to the GST Council regarding the reduction in the rate of GST on the goods and equipment used in the treatment of corona and necessary for its prevention.
The Group of Ministers was headed by Meghalaya Chief Minister Conrad Sangma. Also in this group are Gujarat Deputy Chief Minister Nitin Bhai Patel, Maharashtra Deputy Chief Minister Ajit Pawar, Uttar Pradesh Finance Minister Suresh Khanna, Orissa Finance Minister Niranjan Pujari, Telangana Finance Minister Harish Rao, Kerala Finance Minister KN Balagopal and Goa Transport. and Panchayati Raj Minister Muveen Godinho.
The Group of Ministers was to submit its report on reduction or exemption in the rate of GST on medical grade oxygen, pulse oximeter, hand sanitiser, oxygen concentrator, ventilator, PPE kit, face mask and other medical equipment. . This Group of Ministers has submitted its report on June 7 itself. This report will be considered in the meeting of the GST Council to be held today.
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It is being told that the Group of Ministers has made it clear in its recommendation that the rates of GST should be reduced on the goods and equipment used in the work of prevention of corona. This group has suggested the imposition of GST at the rate of 5 per cent on most items used in the treatment of corona. At the same time, this group has left the task of fixing the rate of GST on the vaccine used for the prevention of corona to the GST Council.
GST is currently being levied on the corona vaccine at the rate of 5 percent. It is believed that instead of eliminating this rate, it can be brought down to a minimum level of 0.1 percent, so that vaccine producers continue to get the benefit of input credit. Let us tell you that due to zero GST rate, the vaccine producers will not be able to get input credit, due to which the price of the vaccine will be higher than the current level.
It is being told that this group of ministers has recommended reducing the rate of GST on the materials and equipment used for the prevention of corona infection, corona testing kit, medical grade oxygen, pulse oximeter and oxygen concentrator. . The Group of Ministers has also proposed to bring the drug used for the treatment of black fungus under the minimum tax net.
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