To attract 18% GST, many products and equipments used for carrying Covid shots
By MYBRANDBOOK
A tax ruling has said that unless products and equipment are specifically manufactured for the sole purpose of Covid vaccination, they should attract additional taxation. Tax experts say this is set to increase Goods and Services Tax (GST) on equipment used for Covid vaccination programmes.
The ruling said that manufacturing of cold chain equipment, which is used in vaccination and immunization programmes for transporting vaccines, specimens, and blood samples, should attract 18% GST, the Uttar Pradesh Authority for Advance Ruling (AAR) said.
"The ruling places reliance on the composition of the product over its use or consumption by the dealer and the customer. One may argue that composition is not the sole criteria but only one of the criteria used to determine classification. With Covid vaccines being of high social relevance in present times, the higher rate of 18% GST on vaccine carriers may increase the price in the hands of the end consumer if the companies decide to pass on the burden,” said Harpreet Singh, partner, Indirect Tax at KPMG in India.
The ruling said that, as per the definition of vaccine carrier and vaccine cold box available on the UNICEF website, not all equipment can be classified as medical or surgical instruments and apparatus. The ruling, announced in December, said that all equipment should attract similar GST rates unless specifically designed for the sole purpose of Covid vaccination.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
ALPHAMAX TECHNOLOGIES PVT. LTD.
SECUREYE SERVICES PVT. LTD.
LAVA INTERNATIONAL LTD.
GLOBUS INFOCOM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANJAY NAYAR
Sanjay Nayar is a senior finance professional in the Indian private in...
Icons Of India : Arjun Malhotra
Arjun Malhotra, the Chairman of Magic Software Inc., is widely recogni...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
PARTNER SPEAKERS
PSU
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
BEL - Bharat Electronics Limited
BEL is an Indian Government-owned aerospace and defence electronics co...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
