Govt slashes IGST on oxygen concentrators for personal use to 12%

Govt slashes IGST on oxygen concentrators for personal use to 12% [ad_1]

Govt slashes IGST on oxygen concentrators for personal use to 12%
Image Source : PTI

Govt slashes IGST on oxygen concentrators for personal use to 12%

The authorities on Saturday slashed Integrated GST charge on oxygen concentrators for personal use to 12 per cent, from 28 per cent earlier, for two months until June 30.

“IGST on Import of Oxygen Concentrators for personal use has been lowered from 28 per cent to 12 per cent to carry IGST charge on such personal imports at par with industrial imports of the identical,” the Central Board of Indirect Taxes and Customs (CBIC) tweeted.

This lowered IGST charge for imports of concentrator for personal use shall be relevant up to June 30.

The authorities had final month waived customs obligation on import of medical grade oxygen, oxygen concentrator and associated tools.

Under the Goods and Services Tax (GST), the tax levied on consumption of products or rendering of service is cut up 50:50 between the Centre and the state.

On inter-state motion of products in addition to imports, an Integrated-GST or IGST is levied, which accrues to the Centre. The quantity paid as IGST may be utilised by companies for claiming credit score whereas making CGST or SGST funds on the time of precise sale.

The authorities on Friday had allowed imports of oxygen concentrators for personal use by way of publish, courier or e-commerce portals underneath the present class amid growing demand for oxygen due to rising COVID-19 circumstances.

Demand for oxygen-related tools has been growing within the wake of second wave of Covid-19 pandemic.

India reported a document over 4.01 lakh new COVID-19 infections and three,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

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