GST Council: Covid-19 vaccines to carry 5% tax rate, says finance minister

GST Council: Covid-19 vaccines to carry 5% tax rate, says finance minister

GST Council: Covid-19 vaccines to carry 5% tax rate, says finance minister

The Goods and Services Tax (GST) Council on Saturday agreed to stick to 5% tax rate on Covid-19 vaccines, announced finance minister Nirmala Sitharaman.

Among the significant tax reductions, the GST Council has cut tax rate from 12% to 5% on medical grade oxygen, oxygen concentrators, ventilators, BiPAP machines and high flow nasal cannula (HFNC) devices, finance minister Sitharaman announced.

Tax on Covid testing kits has been brought down to 5 per cent from 12 per cent, the council said.

It was lead by our finance ministry and They have discussed covid 19 equipment costing and tax on those products.

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