The 43rd GST Council met under the Chairmanship of Union Finance Minister recently.
As a COVID-19 relief measure, a number of specified covid 19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, etc., have been recommended for full exemption from IGST.
In view of rising Black Fungus cases, the exemption from IGST has been extended to Amphotericin B.
Finance Minister Nirmala Sitharaman on May 28 chaired the 43rd GST Council meeting via video conferencing. The GST Council meeting, attended by Minister of State for Finance Anurag Thakur and the finance ministers of states and Union Territories (UTs) along with senior officials of the Government of India, was convened for the first time in nearly eight months on May 28.
The GST Committee decided that the Centre will borrow Rs 1.58 lakh crore and pass it on to the states to make up for the shortfall in their revenues from the implementation of the GST. A special session of the Council will be held soon to consider extending the five-year GST shortfall compensation period to states beyond 2022.
The GST Council on Friday left taxes on COVID-19 vaccines and medical supplies unchanged but exempted duty on import of a medicine used for treatment of black fungus. Sitharaman said the GST Council decided to continue a waiver of IGST on free COVID-19 related supplies imported from abroad.