No tax will be levied on Kovid Medicine, the industry body welcomed the decision of the government

No tax will be levied on Kovid Medicine, the industry body welcomed the decision of the government

Business Desk: Industry body PHD CCI has welcomed the reduction of Goods and Services Tax (GST) on some drugs, equipment and goods used in the treatment of Kovid 19 and said that it will bring relief to the patients. The industry body said in a statement that the decision to reduce rates on medicines, equipment and COVID test kits has been 'very deliberate'.

This will help a lot in the treatment of infected patients, which was much needed. The organization has expressed hope that the government will continue to take more necessary reformative steps to reduce the ill effects of the Kovid epidemic and to get India out of it.

It is noteworthy that the GST Council on Saturday decided to cut the tax rate on some medicines and devices used in the treatment of this epidemic amid the second wave of Kovid-19. However, the tax rate of five per cent on the Kovid vaccine will remain the same. Finance Minister Nirmala Sitharaman gave information about the decisions of the council.

The government has said that the continuance of GST of five per cent of the GST on vaccines will allow manufacturers to avail the benefit of the tax paid on the inputs involved in manufacturing the medicine. Since the central government is giving most of the vaccines free of cost, there will be no tax burden on the common people.

In the 44th meeting of the Council, chaired by the Finance Minister, the tax rate on drugs Remdesivir and Tocilizumab and oxygen concentrators and other devices used in the treatment of Kovid-19 has been reduced. The council has also decided to reduce the GST on ambulances from 28 per cent to 12 per cent. 


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.