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GST Council meeting, these 4 things can be cheap

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GST Council meeting, these 4 things can be cheap
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The important meeting of the GST Council is going to take place on May 28. This meeting is being held after about 7 months. In the meeting of the GST Council from the Central Government, tax exemption is being sought on all the equipment including the vaccine of covid-19. According to the information available, in the GST Council meeting, relief can be provided on some equipment related to treatment of covid-19, including Oxine. That is, the rates of GST can be reduced.

GST Council meeting, these 4 things can be cheap
Images Source- Google | Image By- Breaking news

In the GST Council meeting, the rates of GST on oxygen, oxygen constructor / generator, pulse oximeter and covid test kit are expected to be reduced from 12 per cent to 5 per cent. The reduced rates on these items will continue to be applicable till 31 July, while on the testing kit, it will be applicable till 31 August. However the GST Council will take a final decision on the recommendations of the fitment panel on 28 May.

Last week, the fitment committee discussed providing GST relief to covid-19 vaccines. The vaccine is already in the lowest slab of 5 percent. Business Today has come to know from the sources that the panel has followed the same line. Which Finance Minister Nirmala Sitharaman said earlier this month in response to West Bengal Chief Minister Mamata Banerjee’s letter. In the letter, tax exemption was sought on Covid vaccines.

Currently, 5% GST is levied on the vaccine. Some states have suggested keeping Corona’s vaccine completely free of tax or imposing a marginal tax of 0.1 per cent. Sources said that the vaccine is not completely tax free. 

GST Council meeting, these 4 things can be cheap
Image Source- Google | Image By- Business standard

Petrol and diesel can be discussed

Apart from this, there is news that petrol and diesel can be discussed in the meeting of the GST Council. The central government has said many times on different fronts that to bring the price of oil under control. It will have to be brought under the purview of GST. After knowing the views of the states about this, the Finance Minister can decide the roadmap ahead.

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