The meeting of the GST Council under the chairmanship of Finance Minister Nirmala Sitharaman has ended. According to information received from sources, the council has agreed to continue the tax exemption on medicines and other goods used in the treatment of corona till 31 December 2021. Apart from this, preparations are also being made to increase its scope. Drugs Ambphotericin and Tocilizumab can be brought under the purview of zero GST. At the same time, there is a preparation to impose 5 percent GST on Remdesivar and Heparin medicine.
Government’s income is increasing continuously due to GST
The Finance Ministry said in a statement that the Gross GST Revenue in August 2021 is Rs 1,12,020 crore, which includes Rs 20,522 crore for Central GST (CGST), Rs 26,605 crore for State GST (SGST), Rs 56,247 crore for Integrated GST (goods). 26,884 crore on import of goods) and Rs 8,646 crore on Cess (including Rs 646 crore deposited on import of goods). The amount raised in August, however, is less than Rs 1.16 lakh crore in July 2021.
GST revenue in August 2021 is 30 percent higher than the same month last year. The GST collection in August 2020 was Rs 86,449 crore. The ministry said that the GST collection in August 2019 was Rs 98,202 crore. In this way, the collection in August this year was 14 percent more than in August 2019.