GST price for COVID-19 medicines pegged at 5% GST: govt

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COVID-19 medicines and devices are being bought at a GST price of 5 per cent whereas different medicines are bought at a GST price between 5 and 12 per cent ever for the reason that pandemic began, Union Minister of State for Finance Pankaj Chaudhary stated within the Lok Sabha on Monday. Chaudhary additionally stated that 66 per cent of government-sponsored medical health insurance schemes within the nation are being run by the central government.

“When the COVID-19 pandemic began, a choice was made on the market of all medicines on the GST price between 5 and 12 per cent and the GST price for COVID-19 associated medicines and devices has been diminished to 5 per cent,” he stated throughout the Query Hour.

The minister stated the GST price for medical health insurance is 18 p.c, which is as per worldwide requirements, and just like what it was throughout pre-GST days within the nation.

He stated senior residents can avail tax rebate of as much as Rs 1 lakh on medical health insurance insurance policies.

Chaudhary stated GST charges and exemptions on all companies (together with GST on medical health insurance premium) are prescribed on suggestions of the GST Council which is a constitutional physique comprising Union Finance Minister and ministers as nominated by respective state and union territory governments.

“At current, Items and Providers Tax (GST) on medical health insurance companies is levied at normal price, i.e., 18 per cent. Particular medical health insurance schemes catering to the wants of economically weaker sections of the society and in another way abled, corresponding to Rashtriya Swasthya Bima Yojana (RSBY), Common Well being Insurance coverage Scheme, Jan Argoya Bima Coverage and Niramaya Well being Insurance coverage Scheme are absolutely exempt from GST,” he stated.

Additional, he stated, healthcare companies are additionally exempt from the GST.

Representations to scale back the GST on medical health insurance had been positioned earlier than the GST Council in its 31st assembly held on December 22, 2018 and in its 37th assembly held on September 20, 2019.

The GST Council didn’t make a advice for the discount of GST, he stated.



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