The Central Government has issued a notification for Exemption Customs and Cess on the import of Covid-19 related relief materials for a limited period (Covid 19 Relief Materials). Looking at the needs of the Corona epidemic, it is expected to provide considerable relief. The Kovid-19 related relief material has been included in the exemption facility, Remedisivir injection, including many medical materials. This will help in bringing relief material to India and fast to the required places.
In this, Remedacivir Injection / API and Beta Cyclodextrin (SBEBCD), Inflammatory Diagnostic (Market) Kits have been exempted till 31 October 2021. Medical grade oxygen, oxygen treatment equipment such as oxygen concentrators, cryogenic transport tanks etc. have been exempted till 31 July.
A statement from the Finance Ministry said that many representatives from charitable organizations, corporates and other associations / institutions from abroad have been demanded by the Central Government that imports of Kovid-19 relief material (already exempted from customs duty) But be exempted from IGST. This rebate will be given on those materials which are being given for donation / free distribution.
Based on the same, the Central Government has exempted IGST from import of goods received for free delivery on Kovid relief for a limited period through Order No. 4/2021 on 3 May 2021. The customs were waived for three months with immediate effect. Along with this, exemption has also been given on the customs duty imposed on the Kovid vaccine. This decision has been taken before the deepening oxygen crisis in the country and the introduction of vaccine for people above 18 years of age from 1 May.
The government used to impose 10 percent customs duty or import duty and 16.5 percent I-GST and social welfare cess on vaccines coming from abroad. Due to these taxes, imported vaccines will be costlier than the Serum Institute of India and Bharat Biotech. After this decision of the government, now the price of vaccines will be reduced.