Union Finance Minister Nirmala Sitharaman on Friday said that the GST Council has granted an exception to pricey imported medications such as Zolgensma and Viltepso, which cost crores of rupees.
‘There wouldn’t be GST on them – Zolgensma and Viltepso costing around Rs 16 Cr will now be exempted from GST,’ Sitharaman said.
The FM also announced that the concessionary tax rates on some Covid-19 medicines will be extended for three months, from September 30 to December 31.
The GST Council has also accepted a proposal to reduce GST from 12 percent to 5 percent for seven more medicines till December 31. Itolizumab, Posaconazole, Infliximab, Bamlanivimab and Etesevimab, Casirivimab and Imdevimab, 2-Deoxy-D-Glucose and Favipiravir are the drugs in this group.
The FM told reporters that the Council resolved to prolong the period of concessionary GST rates for some Covid-related medications by three months, but the same advantage would not be extended to medical equipment. The 30-day grace period for some medical equipment will come to an end on September 30.