The Goods and Services Tax (GST) Council will meet on Saturday to discuss the tax waivers on COVID-19 essential items and medicines. This will be the second GST meeting of this fiscal. Finance Minister Nirmala Sitharaman chaired GST Council meeting on May 28, after a gap of seven months.
During the previous GST Council meeting, the states asked the finance minister to provide tax relief on COVID-19 essentials — PPE kits, masks, vaccines and medicines. Finance minister constituted a Group of Ministers (GoM) to examine possible waivers of GST levies essential supplies. Meghalaya chief minister Conrad Sangma has been designated as the convener of the eight-member GoM mad tasked to submit its recommendations to the council by June 8.
The GoM submitted its report on June 7. It has suggested rate cut on some COVID essentials to 5 per cent and no change in tax rate on vaccines, according to reports.
”While rate reductions on all essential medicines including those used in the treatment of COVID are a good welfare measure, it is necessary to ensure that the reductions are passed on in the form of lower prices to the patients,” said M S Mani, senior director, Deloitte India.
With inputs from News18