No tax on black fungus medicine, 5% tax on covid vaccine will continue: Finance Minister

No tax on black fungus medicine, 5% tax on covid vaccine will continue: Finance Minister

Business Desk: Finance Minister Nirmala Sitharaman held the 44th GST Council meeting through video conferencing. Minister of State for Finance Anurag Thakur, Finance Ministers of States and Union Territories and senior officials of Center and States were also present in the meeting. After the meeting was over, the Finance Minister informed about the decisions. The Finance Minister said that in the meeting it has been decided to cut tax on medicines of black fungus. Apart from this, tax rates have also been cut on other equipment including Corona related medicines and ambulances. In the meeting, it has been decided to continue with 5% GST on the vaccine of covid.

Now 12% GST on Ambulances In
the meeting of the GST Council, there has been a huge cut in the tax rates on the vehicle used for the movement of patients i.e. ambulance. Finance Minister Nirmala Sitharaman said that the council has decided to reduce the GST rate on ambulances from 28 per cent to 12 per cent. Tocilizumab and amphothracin-B are used in the treatment of black fungus. The council has decided not to charge GST on these drugs.

Taxes were also reduced on these

GST on ambulance reduced from 28% to 12%
Reduced from 12% to 5% on the oximeter.
Tax on hand sanitizer reduced from 18% to 5%.
Reduced from 12% to 5% on ventilators.
Did 12% to 5% on remdesivir.
Reduced from 12% to 5% on medical grade oxygen.
Tax on BiPaP machines reduced from 12% to 5%.
Tax on pulse oximeter reduced from 12% to 5%.
Tax rate on oxygen concentrator reduced from 12% to 5%.
Reduced tax on electric furnaces from 12% to 5%.
Tax on temperature measuring instruments reduced from 12% to 5%.
Reduced tax on high-flow nasal cannula devices from 12% to 5%.
Tax on Heparin drug reduced from 12% to 5%.
5% tax on Kovid testing kits instead of 12%.
The GST Council, in its meeting held on May 28, had decided to constitute a group of eight ministers to consider tax rates on drugs and goods used in the treatment of covid and black fungus. Finance Minister Nirmala Sitharaman said that after approving the recommendations of the Group of Ministers, it has been decided to cut rates.


Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Foreign exchange reserves reached a new record, crossed the $ 612 billion mark

Mumbai: The country's foreign exchange reserves increased by $ 835 million to a record high of $ 612.73 billion in the week ended July 16, 2021. According to the data of the Reserve Bank of India, in the previous week ended July 9, foreign exchange reserves had increased by $ 1.883 billion to $ 611.895 billion.

According to the Reserve Bank's weekly data, the increase in foreign exchange reserves in the week under review is due to the increase in foreign currency assets (FCAs), which are a major component of the overall reserves. During this period, FCA grew by $ 463 million to $568.784 billion. Foreign currency assets, expressed in dollar terms, also include the effect of an increase or decrease in the value of other foreign currencies such as the euro, pound and yen held in foreign exchange reserves. 

Gold reserves increased by $ 377 million
According to the data, during this period, gold reserves increased by $ 377 million to $ 37.333 billion. At the same time, the Special Drawing Rights (SDR) with the International Monetary Fund increased by $1 million to $1.548 billion. The Reserve Bank said that during the week under review, India's foreign exchange reserves with the IMF declined by $ 7 million to $ 5.1 billion.