No GST on Black Fungus Medicine, 5% Tax to Continue on Vaccines

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The tax on medicines and other COVID-19 essentials like hospital equipment has been reduced by the Goods and Services Tax Council on Saturday,12 June.

Finance Minister Nirmala Sitharaman chaired the 44th Goods and Services Tax (GST) Council meeting and announced the changes based on the recommendations made by the group of ministers (GoM) constituted to discuss the tax rates of COVID-19-related essentials.

The council said that no tax will be charged for medicines like Tocilizumab and Amphotericin B, used for treating Black Fungus.

These tax cuts will remain valid till 30 September 2021 and can be extended further if needed. While drugs like Tocilizumab and Amphotericin B, which are used to treat mucormycosis, are now exempted from GST, other drugs considered essential for the treatment of COVID-19 will now be taxed at 5 percent.

Also Read: GST Revenue at Record High Of Rs 1.23 Lakh Crore: Finance Ministry

. Read more on News by The Quint.Is Congress Doing Enough to Ensure Sachin Pilot Doesn’t ‘Decamp’?No GST on Black Fungus Medicine, 5% Tax to Continue on Vaccines . Read more on News by The Quint.

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