GST Council meeting will take place on June 12 to decide on GST rate cut for COVID essentials and black fungus medicine.
The GST Council will recommend tax relief on COVID essentials. It consists of state ministers as members, a Group of Ministers (GoM). The GoM had submitted its report on June 7.
The GST Council will meet to discuss the GoM report as well as consider tax rate cuts for black fungus medicine.
Some state Finance Ministers in the GoM are understood to have pitched for a rate cut on COVID essentials.CLICK HERE TO READ MORE
UP Finance Minister Suresh Kumar Khanna on Wednesday said that the state is in favour of cutting taxes on COVID essentials. This will help facilitate patients, but will accept the decision of the GST council on tax rates.
The GoM on GST concessions on COVID relief items will examine whether a GST rate cut or an exemption is required for various essentials. These may range from medical-grade oxygen, pulse oximeters, hand sanitisers among others.
Apart from this, the panel will also look into COVID vaccines, drugs, and medicines for COVID treatment and testing kits.
Now the opposition has also been demanding a reduction in taxes. Currently, 5 per cent GST applies to domestically manufactured vaccines. While it is 12 per cent for COVID drugs and oxygen concentrators.