GST

GST Council Meeting Takeaways: Import of Covid-related items exempted from IGST till 31 Aug

Post By : Basundhara Choudhury
Post Date : May 29, 2021
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In its 43rd meeting, the Goods and Services Tax Council chaired by Finance Minister Nirmala Sitharaman, discussed on a range of key issues yesterday. One of the key highlights from the meeting was that import of Covid-related relief items have been exempted from IGST till Aug. 31.

The Finance Minister said that the any import of Covid-related relief items, even if purchased or meant for donating to government or any other relief agency, will be exempted from the Integrated Goods and Services Tax(IGST) till August 31, 2021.

AmphotericinB, the drug required for treating Mucormycosis fungal infection, has also been included in list of items exempted from IGST.

A group of ministers will be formed to evaluate the need for further reductions on items like vaccines and ventilators and decide on any new rates in exemptions, the Council said. The group will have to submit its report by June 8.

Lower Rates For Maintenance, Repair for ships:

The GST council has also recommended that rates on the maintenance, repair and operations of ships and vessels be reduced to 5% from the existing 18%. The point of sale for the B2B supply of these MRO services for ships and vessels would be considered as the location of recipient of service, it said.

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