-
September 17, 2021
Looking for the updates of the 44th GST Council Meeting? Here are the most important ones-
Table of Content
Introduction
The 44th GST Council meeting was held on 28th of May, 2021 under the charimanship of Finance Minister Smt. Nirmala Sitharaman through video conferencing in the National Capital. The meeting was also attended by 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. Let us have a look at the outcome of the 43rd GST Council Meeting Held on 12.06.2021.
Today’s meeting was held with a single-agenda that was to decide the tax rate on the COVID 19 related essentials. In the 43rd GST Council Meeting, a Group of Ministers was constituted to examine the situation and to come up with recommendations on tax relief for Covid-19 essentials.
Relief on the Tax of COVID 19 related essentials
- Based on the recommendations of the GoM, the GST Council today has cut tax rates on most supplies and exempted the black fungus medicine off GST.
- Hence, there will be No GST be levied on Black Fungus Drug “Amphotericine B”.
- Also, It has been decided that there would be Nil Tax on Tocilizumab.
- However, COVID vaccines will continue to attract a five per cent GST.
- GST on ventilators, medical oxygen, COVID testing kits has been reduced to to 5% and on Ambulance the GST rate brought down to 12%.
- GST rate for electric furnaces and temperature checking equipment brought down to 5%.
- These reduced rates will be valid till September as against August end as recommended by the GoM.
On not reducing the GST rates on vaccines, Finance Minister Nirmala Sitharaman said that “The Centre will buy the 75% vaccine as announced and will pay its GST too. But 70 per cent of income from GST will be shared with States. Hence, When Centre is purchasing and paying GST too on Covid-19 vaccines and they are being given free of cost to the public, the GST rate will make no difference or impact on the people”
I hope this article was helpful. Refer to the topics discussed in the 43rd GST Council meeting.
Download-The PDF for Press Release of 44th GST Counsel Meeting.
GTS Registration
For every business, it is necessary to have GST Number. Get yours now with Ebizfiling at affordable prices.
Reviews
Ahmed Shaikh
23 Sep 2018Ms. Ishani and other team members are very helpful in the entire process of GST filing.
I really appreciate their support superb team.
Cheers!!!!*****
DHAIVAT ANJARIA
20 Oct 2018"Very proactive and committed. Excellent service."
Chandrashekhar Nimmalwar
28 Oct 2020(Translated by Google) Ebizfiling has a company providing support for time period service and proper guidance. It is my personal experience at present. Chandrashekhar Nimmalwar. Today Aas Family Foundation (Original) ईबिज फायलीग की सेवा समय अवधि कार्य प्रणाली एव उचित मार्गदर्शन के लिए सहायता प्रदान कम्पनी है।यह मेरा वर्तमान में नीजी अनुभव है। चन्द्रशेखर निममलवार। आज आस परिवार फाउंडेशन
April 2, 2024 By Team Ebizfiling
Compliance Calendar For The Month of April 2024 As the new financial year begins in April, businesses and taxpayers around the country have new opportunities and responsibilities. It provides an excellent opportunity for strategic planning and budgeting, allowing businesses to […]
March 9, 2024 By Dharmik Joshi
Frequently Asked Questions on the GSTR 1 Form Introduction The Goods and Services Tax (GST) has significantly transformed India’s taxation landscape. Among the various GST forms, GSTR 1 holds a pivotal place. It is a return form that necessitates the […]
March 2, 2024 By Siddhi Jain
What are the reasons for GST Cancellation & how to avoid them? Introduction The Goods and Services Tax (GST) has drastically changed the tax structure for Indian Companies. However, it’s important to realize that keeping a GST registration current involves […]