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GST Rate for COVID-19 Medicines & Equipment Pegged at 5%: Govt
The central government on Monday said that the GST for COVID-19 medicines and equipment is pegged at 5%. The rates came into effect ever since the COVID-19 pandemic started.
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- GST Rate for COVID-19 Medicines & Equipment Pegged at 5%: Govt
The Union Minister of State (MOS) for Finance Pankaj Choudhary in the Lok Sabha said that the GST rate for COVID-19 medicines has been fixed at 5% even though the GST council did not recommend its reduction. He also said that all other medicines will be sold at a GST rate of 5% to 12%.
The minister also added that the GST rate for health insurance plans is 18% which is similar to international standards as well as pre-GST days. Furthermore, all senior citizens can avail a tax exemption of Rs 1 lakh on health insurance plans, he added.
Chaudhary stated that 66% of the government-sponsored health insurance schemes are being run by the central government. He also said that some health insurance policies, like Rashtriya Swasthya Bima Yojana (RSBY), Jan Argoya Bima Policy, Niramaya Health Insurance Scheme, and Universal Health Insurance Scheme, that caters to the insurance needs of the economically weaker sections of the society and differently-abled people, are fully exempted from GST.
During this Lok Sabha Question Hour, he also said that healthcare services are also exempted from GST.
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