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Tag: Gst On Covid Items

Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall
GST Officials Asked To Ensure Consumers Benefit From Rate Cut Of COVID-Related Items

In terms of Section 171 of the CGST Act, 2017, the suppliers of goods and services should pass on the benefit of any reduction in the rate of tax or the benefit of input tax credit to the recipients by way of commensurate reduction in prices.

FM Sitharamans Comment On Cryptocurrency Brings Relief To Industry
FinMin Notifies Concessional GST Rate On COVID-Related Items, Services

The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on June 12, had slashed tax rate on COVID drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, oxygen concentrators and other COVID essentials.

FM Sitharamans Comment On Cryptocurrency Brings Relief To Industry
GST Rates On COVID Items Slashed; Vaccine Still Taxed At 5%

Finance Minister Nirmala Sitharaman said that the council agreed to go with the recommendations of the Group of Ministers (GoM) that was single point agenda on the council on Saturday.

Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall
GST Council Exempts Imported Covid Related Items From IGST Till August

Finance Minister Nirmala Sitharaman, while addressing the media post the meeting, said that a group of ministers (GoM) will be formed by Saturday (May 29), which will examine the need for further reductions and decide on any new rates in exemptions.