IGST on Import of Oxygen Concentrators reduced
The Ministry of Finance recently cut the IGST on import of oxygen concentrators for personal use to 12%. Earlier it was 28%. IGST is Integrated Goods and Services Tax. The decision was announced by the Central Board of Indirect taxes and Customs.
The changes are being made in accordance to the IGST Act, 2017.
Under the article, no states are allowed to impose tax on the purchase or sale of goods in the following:
- Import of Export of Goods
- Every sale or purchase that is happening outside the state
The following taxes shall be collected by the Central Government by assigning it to the State Government:
- Taxes on Properties other than agricultural land
- Taxes on Railway fares and freights
- Tax on goods or passengers carried by sea, air or railways
- Taxes on stamp duties on transaction in stock exchanges
- Estate duty on property other than agricultural land
- Taxes on consignment of goods
- Taxes on sale or purchase of goods other than newspapers
As the second wave of COVID-19 in increasing in the country, The Government of India recently allowed import of oxygen concentrators for personal use. This shall be done through E-Commerce portals or gift category. In order to achieve this Oxygen Concentrators were included in gift category.
The Import of Oxygen Concentrators for personal use was allowed by amending Foreign Trade Policy (2015-20). In 2020, GoI extended the Foreign Trade Policy till 2021.
Recent measures by GoI to increase Oxygen supply in the country
- PM CARES Fund: Oxygen Plant for 100 new hospitals
- Pressure Swing Adsorption Plants to increase oxygen
- DRDO develops Supplemental Oxygen Delivery System
- Indian Railways runs Oxygen Express
- Basic customs duty and health cess on medical oxygen, equipment launched
- Import of 10,000 Oxygen Cylinders
- WHO to provide 4,000 oxygen concentrators to India
- PM CARES Fund: 1 Lakh Portable Oxygen Concentrators
- Import of Oxygen concentrators for personal use permitted
- Operation Samudra Setu II launched
Category: India Nation & States Current Affairs
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