GST: Centre to share 70% of vaccine revenue with states, says FM Sitharaman

GST Council approves rate reduction for Remdesivir from 12% to 5%; nil tax on Tocilizumab, Amphotericin; however, the Council agrees to stick to 5% GST on vaccines

Union Finance Minister Nirmala Sitharaman on Saturday announced series of GST relief measures for Covid-19 relief essentials, including black fungus medicine. However, the Council agreed to stick to 5% GST on vaccines.

In its 44th meeting on Saturday, the Goods and Services Tax (GST) Council, chaired by Union Finance Minister Nirmala Sitharaman, approved all recommendations of GoM on rate rationalisation.

The GoM, set up by the Council on May 28, was mandated to look at tax exemption and concessions on various Covid items including vaccines, drugs, and equipment.

GST on ambulances has been reduced to 12% from current 28%. GST