GoM to Suggest Tax Cuts on COVID-19 Related Medicines

The government has set up an eight-member panel to suggest tax exemptions or cuts on drugs, medicines, and vaccines for COVID-19 treatment. Meghalaya Chief Minister Conrad Sangma will be heading the panel of ministers.

Since various opposition-ruled states pursued a complete waiver on COVID-19-related vaccines, medicines,  and equipment required for treating the disease in the GST Council meeting, the panel has been set up.

Union Finance Minister Nirmala Sitharaman said on Friday after the GST council meeting that the panel will need to submit its report on or before 8 June.

The panel will be recommending tax rates and exemptions on COVID testing kits, drugs, medicines, medical-grade oxygen, hand sanitisers, pulse oximeters, oxygen concentrators, ventilators, generators, PPE kits, N-95 masks, temperature checking equipment, surgical masks, and any other item required for treating COVID-19.

The panel will comprise – Deputy Chief Minister of Maharashtra, Ajit Pawar, Goa Transport Minister, Mauvin Godinho, Deputy Chief Minister of Gujarat, Nitin Patel, Finance minister of Kerala, KN Balagopal, Finance Minister of Telangana, T Harish Rao, Finance Minister of Odisha, Niranjan Pujari, and Finance Minister of Uttar Pradesh, Suresh Khanna.

For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in

You May Also Like

Taxation of dividend income received on or after 1 April 2020 (FY 2020-21)

You may receive a dividend from your equity or mutual fund investments.…

CBIC has notified an extension of two months to various GST compliance

The government of India has notified yet another extension for the completion…
Gold Jewellery

24K Gold Rate in India for November 2019: Week 4

The fourth week began with the gold rate in India holding at…

Due date to file annual GSTR-4 for FY 2019-20 gets further extended

The government has further pushed the deadline to file the brand new…