GST exemption announced by FM Sitharaman
Union Finance Minister Nirmala Sitharaman on Friday announced several GST exemptions. These decisions came after the crucial meeting of the GST Council was over. The 45th meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman and chaired by the Finance Ministers of the states, is the first physical meeting since the onset of the COVID-19 pandemic. The last such meeting was held 20 months ago on 18 December 2019.
Since then the council has been meeting through video-conferencing.
major decision
- Life saving drugs Zolganzelsma and Viltepso will be exempted from GST. Sitharaman said, “I am naming two because they are two very expensive drugs – Zolgensma and Viltepso. Both of these are very important drugs which are worth Rs 16 crore. Hence the council has decided to exempt both of them from GST. has decided.” Announcing the decision, he said.
- Concessional GST rates on medicines related to Corona have been extended till December 31, 2021: Finance Minister Nirmala Sitharaman after 45th meeting of GST Council in Lucknow.
- Transport of export goods by ship, air is exempted from GST.
- Medicines recommended by the Ministry of Health for the treatment of muscular atrophy on the recommendation of the Ministry of Health and Department of Pharmaceuticals are also exempted from IGST on import for personal use.
- The GST rates on retro fitment kits for vehicles used by persons with special disabilities have also been reduced to 5%.
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