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GST Council Meeting: GST Council meeting today, these issues will be discussed

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GST Council Meeting: In this meeting, the GST rate will be considered for the goods related to COVID-19 such as medicines, vaccines and medical devices.

Finance Minister Nirmala Sitharaman

The 43rd meeting of the GST Council will be held today under the chairmanship of Finance Minister Nirmala Sitharaman. Several issues are likely to be discussed in the GST Council meeting, which is being held after about 8 months. In this meeting, it will be considered to reduce the GST rate on COVID-19 related items like medicines, vaccines and medical devices.

Apart from this, the issue of compensation for revenue loss to the states will also be discussed in the meeting. The GST Council consists of representatives from all states and union territories.

Demand to reduce tax on oxygen concentrator

In the GST Council meeting, a new decision can be made about taxing the import of oxygen concentrator. At present, GST is levied on it at the rate of 12 per cent. Let us inform that the government has given IGST exemption on imported oxygen concentrator for free distribution in India by the state government or its authorized agency for COVID relief.

GST should be removed from Corona medicine

Currently, domestic supply and commercial imports of Corona Vaccine attract 5% GST in the country. The Finance Minister had said that the removal of GST on the Corona drug, vaccine, will make the medicines expensive.

With the removal of GST, their manufacturers will not be able to claim Input-Tax-Credit (ITC) for the tax paid on the raw material used in the production of other goods.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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