The government on Saturday slashed Integrated GST rate on oxygen concentrators for personal use to 12 per cent, from 28 per cent earlier, for two months till June 30.
"IGST on Import of Oxygen Concentrators for personal use has been reduced from 28 per cent to 12 per cent to bring IGST rate on such personal imports at par with commercial imports of the same,” the Central Board of Indirect Taxes and Customs (CBIC) tweeted.
This reduced IGST rate for imports of concentrator for personal use shall be applicable up to June 30.
The government had last month waived customs duty on import of medical grade oxygen, oxygen concentrator and related equipment.
Under the Goods and Services Tax (GST), the tax levied on consumption of goods or rendering of service is split 50:50 between the Centre and the state.
On inter-state movement of goods as well as imports, an Integrated-GST or IGST is levied, which accrues to the Centre. The amount paid as IGST can be utilised by businesses for claiming credit while making CGST or SGST payments at the time of actual sale.
The government on Friday had allowed imports of oxygen concentrators for personal use through post, courier or e-commerce portals under the gift category amid increasing demand for oxygen due to rising COVID-19 cases.
Demand for oxygen-related equipment has been increasing in the wake of second wave of Covid-19 pandemic.
India reported a record over 4.01 lakh new COVID-19 infections and 3,523 deaths on Saturday.
ALSO READ: Govt extends timelines for tax compliance, ITR for FY20 can be filed till May 31
ALSO READ: GST revenue hits all-time high of Rs 1.41 lakh crore in April
ALSO READ: Walmart to donate 20 oxygen-generating plants, cryogenic containers to India to fight COVID-19
Latest Business News
