Quick Summary
FM Nirmala Sitharaman responded to Mamata Banerjees letterseeking exemption from GST/Customs duty and other duties and taxes on some items and COVID related drugs. In a series of 15 tweets, Finance Minister Smt. Nirmala Sitharaman gave the response to Smt. Mamata Banerjees request: 1. A li
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Mamata Banerjee requested exemption from GST, customs duty, and other taxes on certain COVID-19 related drugs and items.
Exemptions from customs duty and health cess have been granted for specific COVID relief items imported for free distribution. This includes Remdesivir, oxygen-related equipment, ventilators, diagnostic kits, and vaccines.
Yes, full exemption from basic customs duty and health cess is provided for commercial imports of these essential COVID-19 relief items.
GST rates vary, with vaccines at 5% and COVID drugs and oxygen concentrators at 12%. This nominal rate allows manufacturers to offset input taxes.
Full GST exemption would prevent domestic manufacturers from offsetting taxes paid on inputs, potentially leading to higher prices for consumers.
States receive a significant share of the GST collected. For every Rs. 100 collected, approximately Rs. 70.50 accrues to the states through central and state components of GST and devolution.
CAclubindia
