GST council slashes 5% taxes on medicines for black fungus

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GST on medicines and equipments slashed (Image: Pixabay)
GST on medicines and equipments slashed (Image: Pixabay)

New Delhi : In an effort to provide relief to thousands of people suffering from black fungus, Union Finance Minister Nirmala Sitharaman announced waiver on medical items for COVID-19 treatment including the cost of medicines.

This crucial decision was taken at the 44th Goods and Services Tax (GST) Council meet on Saturday.

The announcement comes days after several states had asked Centre to reduce the tax on essential items used for the treatment of coronavirus.

“The GST on electric furnaces and temperature checking equipment brought down to 5% and on ambulances to 12%. These rates will be valid till September as against August end recommended by the GoM,” Sitharaman said on the outcome of 44th GST Council meet.

Check out the complete notification from the Centre below:

As per the suggestion from the 8-member committee, the GST Council has cut tax on medicines and equipment needed in the fight against COVID-19.

As per the announcement, no tax will be charged for medicines like Tocilizumab and Amphotericin B, used for treating Black Fungus, an opportunistic fungal disease that affects people infected with Covid.

The finance minister stated that the tax cuts are valid till September 30, and may be extended nearer the deadline.