GST Council leaves tax rate on Covid vaccines, medical supplies unchanged

• The GST Council left taxes on Covid-19 vaccines & medical supplies unchanged. FM Nirmala Sitharaman made the announcement after the 43rd GST Council meeting. FM said a panel will be constituted to decide on the rates on vaccines, medical supplies. The ministerial panel, which will be formed by May 29, will submit its report by June 8. “The issue of Covid-related equipment was one of the items on the agenda. Council has decided to exempt the import of relief items till August 31, 2021. Due to black fungus cases, Amphotericin B has also been included in the list. A panel will be formed to decide on the rates on vaccines, medical supplies. The panel will be formed by tomorrow & will submit its report by June 8,” FM Sitharaman said. Currently, 5% GST is levied on domestically manufactured vaccines. On the other hand, 12% GST is levied on Covid drugs & oxygen concentrators.