GST Council on Saturday largely accepted the recommendations of the Group of Ministers constituted to look into extending the ambit of GST concessions on COVID treatment-related medical devices and drugs.
Briefing media in New Delhi, Finance Minister Nirmala Sitharaman informed that the Council has agreed to reduce the GST on COVID vaccines to five per cent. She said, GST on anti-viral drug Remdesivir has been reduced from 12 per cent to five per cent while anti-fungal drug Amphotericin-B has been exempted from all kinds of GST.
The GST Council also extended the exemptions and GST reductions on COVID-related equipment and drugs till September this year.
The decisions were taken in the 44th GST Council Meeting which was convened on a single-agenda to deliberate on the report submitted by the Group of Ministers on tax relief for COVID-19 essentials. The Group of Ministers, GoM was constituted after the previous GST Council meet held last month. The GoM submitted it’s report in less than eight days after its constitution.