Central Government's Tax Exemption Move:
Central Government, utilizing powers under section 11 of CGST Act, 2017, exempts specific goods from excess central tax.
Public interest and Council recommendations drive the decision to alleviate tax burden.
Goods Exempted and Tax Rates:
Notable medicines like Tocilizumab and Amphotericin B receive complete exemption (Nil rate), while others like Remdesivir and Heparin attract a reduced rate of 2.5%.
Critical Medicines in Focus:
List includes vital drugs such as Posaconazole, Itolizumab, and 2-Deoxy-D-Glucose, all subject to a 2.5% tax rate.
Duration of Exemption:
The exemption, effective from October 1, 2021, extends up to December 31, 2021, showcasing a temporary relief measure.
Official Confirmation:
Rajeev Ranjan, Under Secretary to the Government of India, signs the notification, validating the official stance.
Immediate Relief for Healthcare:
The move provides immediate financial relief for individuals purchasing these critical medicines during a specified period.
Transparent Rate Calculation:
The transparent table format breaks down goods, their description, and applicable rates, ensuring clarity for the general public.