GST Council keeps rates unchanged for COVID-19 vaccine, no tax on black fungus drugs

The GST Council has now approved the recommendations of GoM on GST rates on COVID relief material. It further agreed to stick to a 5% GST rate on the COVID-19 vaccine. There will be no change in the GST rate for vaccines, said Finance Minister Nirmala Sitharaman.

The 44th meeting of the GST Council, the second this year in the midst of the second wave of Covid pandemic, began through video conferencing. The meeting is chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting. The GST Council has now approved the recommendations of GoM on GST rates on COVID relief material. It further agreed to stick to a 5% GST rate on the COVID-19 vaccine. There will be no change in the GST rate for vaccines, said Finance Minister Nirmala Sitharaman. The GST Council has also decided to slash rates for Tociluzumab, Amphotericin to Nil. Besides that, the Council also gave approval to GST rate reduction for Remdesivir from 12% to 5%. The GST on ambulances has been reduced to 12%.