Karanataka minister Bommai hails tax cut on Covid goods | Latest News India

Bengaluru: Karnataka residence minister Basavaraj Bommai welcomed the suggestions of the Group of Ministers (GoM) to scale back taxes on Covid-19 medicines and mentioned it might ease stress on individuals affected by the virus as taxes on a number of gadgets have been diminished

By HT Correspondent

PUBLISHED ON JUN 13, 2021 12:15 AM IST

Bengaluru: Karnataka residence minister Basavaraj Bommai welcomed the suggestions of the Group of Ministers (GoM) to scale back taxes on Covid-19 medicines and mentioned it might ease stress on individuals affected by the virus as taxes on a number of gadgets have been diminished.

The GST Council on Saturday slashed the tax rate on medicines akin to Remdesivir and gear like oxygen concentrators and medical grade oxygen. The tax cut relies on suggestions by GoM amid the pandemic.

“In today’s GST Council meeting, the GoM submitted their report and it was discussed in the Council. GoM recommended a reduction in the rate of tax on some medicines from 5% to nil, remdesivir from 12% to 5% and oxygen generation equipment and covid testing kits from 12% to 5%. For temperature checking equipment and gas/electric furnaces for the crematorium, GoM recommended a reduction from 18% to 12%. No reduction was recommended on ambulances,” learn an announcement.

“The minister also thanked the union finance minister and Government of India for approving GST compensation loan of 18109 Crore for 2021-22 and stated that this will help in the fight against Covid.”

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