GST Council Meeting Update: The meeting of the GST Council is to be held on 12 June. In this, the GST rate can be cut on essential things related to Kovid-19.
GST Council Meeting update: The meeting of the GST Council is to be held on 12 June. This meeting is very important. In this, the GST rate can be cut on essential things related to Kovid-19. Especially after the corona, the GST on the rapidly spreading black fungus medicines (GST on Medicines) can be reduced.
Earlier, in the last meeting of the GST Council held on 28 May, a Group of Ministers (GOM) was constituted to deduct tax on essential items like PPE kits, masks and vaccines. The GoM has submitted its report to the council on 7 June.
States in favor of reducing rates on essential items
According to the officials associated with the GST Council, the report submitted by the Group of Ministers will be considered. In the meeting, it will be decided that the rates of which things can be reduced. At the same time, some states are in favor that GST should be reduced on essential things related to Kovid.
Uttar Pradesh Finance Minister Suresh Kumar Khanna had said that the state government is in favor of deduction of tax on items related to Kovid for the convenience of the patients. However, the GST Council will take the final decision regarding the GST rates.
The Group of Ministers (GoM) has suggested that the GST rate on medical grade oxygen, pulse oximeters, hand sanitisers, oxygen treatment equipment like concentrators, ventilators, PPE kits, N-95 and surgical masks and thermometers should be cut. .
Why is there a big meeting?
The economy of the country has also been affected by the second wave of the pandemic. The burden of inflation is increasing continuously. In such a situation, the second meeting of the Finance Minister in the year is considered very important. It is possible to decide on giving tax exemption on things related to the Kovid epidemic such as medicines, vaccines and medical devices.