New Delhi: The government has released basic customs regarding the import of fire / excipients determined for amphotericin B and raw materials for the manufacture of covidtest kits.
In notification on July 12, the Ministry of Finance said the exemption of basic Customs on raw materials for the manufacture of the Covid Test Kit will be until September 30, 2021.
While the exemption of the API specified (active pharmaceutical material) / excipient for Amphotericin B is valid until August 31.
Ey Abhishek Jain’s Tax Partner said this was the exemption of good thoughts provided by the Indian government to combat the Covid crisis and was a step to make a domestic independent industry when fighting a pandemic.
Shardul Amarchand Mangaldas & Co Partner Rajat Bose said “This tends to reduce the costs of these items in India making it more affordable for ordinary people”.
Last month, the Ministry of Finance Revenue Department had told a lower rate for 18 covid related supplies, such as hand sanitiser, credit oximeter, bipap machines, testing equipment, and temperature check equipment.
This concession rate will be valid until September 30, 2021.
GST on Covid-19 Tocilizumab drugs and amphotericin B black mushroom drugs are reduced to ‘zero’, from 5 percent.
The level on remdesivir and anti-coagulant such as heparin is reduced from 12 percent to 5 percent.
The GST level in the ambulance is cut up to 12 percent from 28 percent.
Taxes on medical grade oxygen, oxygen concentrators (including personal imports), ventilators, bipap machines and high nasal cannula devices (HFNC) have been reduced to 5 percent from 12 percent.
Also, tax on covidtesting kit, pulse oximeter (including personal imports) has been brought to 5 percent from 12 percent.
Hands of sanitisers, temperature inspection equipment, gas / electricity furnaces for crematoriums will also withdraw 5 percent lower taxes, from 18 percent before.
Mahesh Jaising, Mitra, Deloitte India, said that with the government preparing for the third wave of Covid whose experts suggested to be in the corner, it was no surprise to see that the government had proactively released customs for customs testing for Covid testing.
Kit.
Covid Test Kit attracts 5 percent of the GST level (until September 30 and this exception will further reduce costs for producers and therefore, the general public.
“This is aligned with government support for” make in India “.
It is also aligned for reduction / exception levels The larger announced by the government in recent months specifically for covid drugs and equipment, “Jaising added.
The government overrides import duties on raw materials for covid test kits, fire for amphotericin b
