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GST Rates – Concessional GST rate on COVID-related items, services notified by Finance Ministry

source: https://www.indiatvnews.com/business/news-finance-ministry-notifies-concessional-gst-rate-on-covid-related-items-services-711986

The Finance Ministry has notified the concessional rate of GST that will be applicable on COVID relief materials till September 30, 2021. Also, a lower Goods and Services Tax (GST) of 5 per cent will be applicable for work contracts for construction, repair or maintenance of electric furnaces meant for funeral, burial or cremation of the deceased. The earlier tax rate of this service was 12 per cent.

The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on June 12, had slashed tax rate on COVID drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, oxygen concentrators and other COVID essentials.

The Finance Ministry’s Revenue Department on June 14, notified the lower rates for 18 COVID-related supplies, like hand sanitiser, pulse oximeters, BiPAP machine, testing kits, ambulances and temperature check equipment. These concessional rates would be applicable till September 30, 2021.

The Council in its June 12 meeting had decided to reduce GST on COVID-19 drug Tocilizumab and black fungus medicine Amphotericin B to ‘nil’, from 5 per cent. The rate on Remdesivir and Anticoagulants like Heparin is lowered from 12 per cent to 5 per cent.

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