Citing distinctive circumstances because of the Covid-19 pandemic, the Finance Ministry on Monday granted ad-hoc exemption for levy of Built-in Items and Companies Tax (IGST) on the import of Covid-related reduction materials donated or obtained freed from value from outdoors India without spending a dime distribution. The exemption might be relevant until June 30.
The federal government had obtained a lot of representations from charitable organisations, company entities, and different associations/entities outdoors India searching for exemption from IGST on the import of Covid-19 reduction materials, donated/obtained freed from value from outdoors India without spending a dime distribution, the Finance Ministry said.
“Fast follow-up motion in briefing chief secretaries of states on in the present day’s order of IGST exemption on specified COVID-19 reduction supplies (customs responsibility waiver given earlier). Will pace up clearance for charitable organisations and others,” Finance Minister Nirmala Sitharaman tweeted.
The Centre has already waived off customs responsibility on import of many Covid-related reduction supplies, together with Remdesivir injection and its APIs, medical grade oxygen, oxygen remedy associated tools like oxygen concentrators and so forth, and Covid vaccines.
Final week, it had slashed IGST price on import of oxygen concentrators for private use to 12 per cent, from 28 per cent, for 2 months until June 30. “Accordingly, the central Authorities has … granted exemption from IGST on import of such items obtained freed from value without spending a dime distribution for Covid reduction,” it mentioned.