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New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday proposed to impose a nominal health cess on import of medical equipment to boost the domestic medical devices sector and generate resources for health services.
 In her second Budget speech, Sitharaman said till a few years back India was dependent on imports for medical equipment. Now, not only is the country manufacturing medical equipment but also exporting them in large quantities.
 Stating that this sector deserves further fillip, she said the government is committed to provide health services to all and Ayushman Bharat has made it possible.
 "To achieve the twin objectives of giving impetus to the domestic industry and also to generate resource for health services, I propose to impose a nominal health cess, by way of a duty of customs, on the imports of medical equipment keeping in view that these goods are now being made significantly in India," Sitharaman said.
 The proceeds from this cess shall be used for creating infrastructure for health services in the aspirational districts, she added.
 "Our policy of Make in India has started giving dividends. India is now making world class goods and exporting such products," Sitharaman said. AKT ABM

Govt proposes health cess on import of medical equipment

<ul><li>The <keyword id="150653" type="ORGANIZATION" weightage="20" keywordseo="Indian-Revenue-Service">Indian Revenue Service</keyword> Association (IRSA) has suggested imposing a <keyword id="46812" type="COMPANY" weightage="20" keywordseo="Wealth-Tax">wealth tax</keyword> on India's super rich, which will include anyone with net wealth greater than ₹5 crore.</li><li>They have also suggested imposing a one-time coronavirus relief cess of 4%.</li><li>According to their report, "super rich have a higher obligation towards ensuring the larger public good".</li></ul>The Indian Revenue Service Association (IRSA) has suggested the imposition of wealth tax on the super rich, with net wealth at least Rs 5 crore and a one-time COVID relief cess of 4 per cent. Titled Fiscal Options &amp; Response To COVID-19 Epidemic (FORCE), the report of recommendations on revenue mobilization amid the coronavirus crisis said that in times like these, the so-called "super rich have a higher obligation towards ensuring the larger public good". The tax officers' body said they can be taxed through two alternative means, for a limited, fixed period -- 3-6 months. It noted that the super rich enjoy a higher capacity to pay with significantly higher levels of disposable incomes compared with the rest. Also, they have a higher stake in ensuring the economy springs back into action, and their current levels of wealth itself is a product of the social contract between the state and its citizens. It suggested raising the highest slab rate to 40 per cent for total income levels above a minimum threshold of Rs 1 crore or re-introduction of the wealth tax for those with net wealth of Rs 5 crores or more. "Most high-income earners still have the luxury of working from home, and the wealthy can fall back upon their wealth to cope with the temporary shock. In view of several European economists, taxing the wealthy would be the most 'progressive fiscal tool', as wealth is far more concentrated than income and consumption," it said. Suggesting the imposition a one-time COVID relief cess, the IRSA said as opposed to surcharges, cess are more broad-based since they relieved on every taxpayer and are likely to mobilize more revenue as well. The current rate of cess is 4 per cent, including 2 per cent health cess and 2 per cent education cess. "Thus, an additional one-time cess of 4 per cent on account of COVID Relief (could be called COVID Relief Cess) could help finance capital investment in COVID Relief work," it said. As per IRSA, the extra revenue mobilised through the additional cess could be between Rs 15,000-18,000 crore. It, however, said that to mitigate the extra hardship on the middle class, the cess may be made applicable only in cases where the taxable income is greater than Rs 10 lakh. The report also suggested increasing the surcharge applicable to the higher income foreign companies having a branch office or permanent establishment in India. It said the surcharge has not been revised for some time now, and with companies operating in India and deriving profits through their PEs, it is time that a flourishing market like India with its huge prospects flexes its customer-base muscle. The tax incentives for CSR should be extended at the time of national disaster, it said. Those companies who are undertaking the COVID relief activities under CSR should be allowed to claim as expenditure incurred for the purpose of business deduction section 37 for FY 2020-21 only. This incentive helps in mobilizing CSR funds for the disaster management, the report said. See also: <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI for role in Yes Bank scam case</a> <a href="https://www.businessinsider.in/india/news/pm-modi-says-indias-fight-against-coronavirus-is-people-driven/articleshow/75387305.cms">PM Modi says India's fight against Coronavirus is 'people-driven'</a> <a href="https://www.businessinsider.in/india/news/lockdown-may-be-extended-in-covid-19-hit-urban-areas-of-maha/articleshow/75386981.cms">Coronavirus lockdown may extend beyond May 3 in urban areas of Maharashtra</a> <a href="https://www.businessinsider.in/entertainment/news/doordarshan-has-plans-to-bring-back-shri-krishna-after-20-years/articleshow/75387419.cms"></a>

The super rich in India may face wealth tax and one-time COVID-19 relief cess of 4%

New Delhi, Feb 2 () The Medical Technology Association of India (MTaI), that represents mainly research-based medical technology companies, has said the cess imposed by the government on medical devices will lead to increase in cost of imported products and reduce affordability of healthcare.
 This is against the basic ethos of Pradhan Mantri Jan Arogya Yojana (PMJAY) wherein government wants to provide affordable healthcare for all, MTaI said.
 "A 5 per cent cess on custom duties for import has been imposed on medical devices in the budget which will increase the cost of the imported medical devices. Ultimately patients will bear this cost and affordability will decrease," MTaI Director Sanjay Bhutani said in a statement.
 This is a retrograde measure and goes against global companies which provide more than 80 per cent of critical care medical devices as well as the patient who gets exposed to the danger of smuggling of these low bulk and high value devices, without service &amp; legal guarantees from neighbouring countries where the tariffs are already lower, he added.
 "The domestic self-sufficiency argument of the government also needs to be taken with a grain of salt. We do hope the government has not looked at the classes of products, on which it plans to impose this cess, monolithically. As many sub categories of these classes would not be manufactured in India at all," Bhutani said.
 Finance Minister Nirmala Sitharaman on Saturday proposed to impose a nominal health cess on import of medical equipment to boost domestic medical devices sector and generate resources for health services.
 "To achieve the twin objectives of giving impetus to the domestic industry and also to generate resource for health services, I propose to impose a nominal health cess, by way of a duty of customs, on the imports of medical equipment keeping in view that these goods are now being made significantly in India," Sitharaman said.
 The Association of Indian Medical Device Industry (AiMeD) also expressed disappointment and anguish over the Union Budget giving cold shoulder again to Indian medical device industry.
 "This year FM announces taxation will drive public healthcare funding but the fine print states it as cess so if duty on a device was 5 per cent it becomes 5.25 per cent effectively. Only a meagre increase of 0.25 per cent to protect domestic manufacturing and motivate traders to become manufacturers," AiMeD Forum Coordinator Rajiv Nath said.
 AiMeD was expecting the government to move forward on promised reforms and anticipated conducive measures to boost domestic manufacturing of medical devices, he added.
 "It is frustrating that against our expectations, the government has not included any measures to help end the 80-90 per cent import dependence forced upon us and an ever increasing import bill of over Rs 38,837 crore and promoting growth of Indian medical device industry," Nath said.
 Though the health cess of 5 per cent on import of medical equipment will augment resources for funding of expenditure on healthcare sector, the hike will increase the cost of equipment, which is a near term negative for the players, ICRA Corporate Ratings Group Head &amp; Senior VP Shubham Jain said.
 "At Rs 67,484 crore, the budgetary allocation for healthcare sector for FY2021 will translate into modest 5.7 per cent increase vis-vis revised estimate of Rs 63,830 crore for FY2020. With a nominal estimated GDP growth of 10 per cent, this also translates into a fall in the public healthcare expenditure as a percentage of GDP," he added.
 Thus, the public sector spend on healthcare will continue to lag at below around 1.5 per cent of GDP, Jain said.
 "Nonetheless, the proposal to set up hospitals in PPP mode in 112 districts is likely to encourage the much-needed investments in the sector," he added. AKT MSS RVK

Cess on imported medical devices to lead to cost escalation for patients: MTaI

New Delhi, Apr 9 () The government on Thursday removed customs duty and health cess on ventilators, face and surgical masks, personal protection equipment and Covid-19 test kits with a view to boost availability of these products in the country to fight coronavirus pandemic."In the context of Covid-19 situation, considering the immediate requirement of ventilators and other items, the Central Government has granted exemption from basic customs duty and health cess, on the import of these goods, with immediate effect," the department of revenue said in a statement.These exemptions will also be applicable on inputs used to manufacture these items."This basic customs duty exemption shall be available upto the September 30 this year," it said. JD BALBAL

Govt exempts customs duty, cess on ventilators, surgical masks, PPE, Covid-19 test kits

<a data-type="tilCustomLink">Check Live Budget Update</a> Amidst growing anticipations about the 2019 <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword> by the present government, let us look back at the budget 2018 and compare it with the earlier ones to understand the amount of focus the public health sector receives in India. The spending on health by budget 2018-19 shows a rise of about 13% over what was allotted for this sector in the earlier budget. As part of this budget, the Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> declared the globe’s largest national health insurance program. The budget also sanctioned scholarships for about 1,000 doctorate engineering students at the IIT and IIS. Construction of 18.8 million toilets across the country was announced to be completed by 2019. Some key points on the 2018 budget allotment towards public health There was a 2.1% decrease in the allocation towards the national health mission, which is the country’s largest primary health infrastructure program. In order the fund the increased allotment towards the health and education sector, Arun Jaitley said the cess on education and health payable by the taxpayers will rise to 4 percent from 3 percent. Presenting the bill in the Lok Sabha, he said, “This will enable us to collect an estimated additional amount of 11,000 crores.” Spending on health by the Narendra Modi Government <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Budget </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Allocation on health </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">Percentage share of the total budget </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2014-15 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">33121.42 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.8 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2015-16 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">30626.39 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.7 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2016-17 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">37671.3 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">1.9 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2017-18 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">51550.85 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2.4 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2018-19 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">52800 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;">2.1 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;"> </td></tr></tbody></table> Budget 2018 introduced a new national health insurance scheme which came as the world’s largest one covering 100 million households for Rs 5,00,000 per year per family. This scheme covered 30,000 more individuals than the one that preceded it. The spending on the Health Ministry decreased to 2.1% of the total Union Budget from the 2.4% in 2017-18. There was a 2.1% decline in the allocation towards National Health Mission, a National Health Program that provides the primary healthcare infrastructure by sliding from Rs 31,292 crores (2017-18 budget) to Rs 30,634 crores (2018-19 budget). As part of the government’s commitment to improve the nutrition status of the Indian children, the budget for the National Nutrition Mission that addresses under-nutrition, anemia and stunting increased by three times from Rs 950 crores in the 2017-18 budget to Rs 3,000 crores in the 2018-19 budget. Arun Jaitley said, “The Ayushman Bharat will build a New India 2022 and ensure enhanced productivity, well-being and avert wage loss and impoverishment. These schemes will also generate lakhs of jobs, particularly for women.” He added, “The government will also set up 24 new medical colleges and hospitals and upgrade existing district hospitals in the country.” The other kinds of investments in budget 2018 towards health Rs 600 crores was allotted for providing nutritional support to all the tuberculosis patients registered with the primary health centers. This scheme will spend Rs 500 per month per patient for 10 months over the full duration of the treatment provided. Rs 1,200 crores went for the National Health Policy, 2017 to support more than 150,000 health and wellness centers. This allotment aimed at combating the rising tide of non-communicable diseases like diabetes and other cardiovascular ailments.

Understanding the budget allocation for health In India

(Eds: Combining related stories) New Delhi, May 8 () Amid a continuing rise in the number of people testing positive for COVID-19, the Union Health Ministry on Friday said people should "learn to live with the virus" while the nationwide tally of confirmed infections crossed 57,000 and the death toll neared 1,900. The ministry also reeled off various datasets, including those showing a rising number of infection-free districts and an increasing recovery rate, to suggest success of the government's strategy in the COVID-19 fight, even as it sought "a behavioural change" and everyone's support in this massive challenge. Maharashtra Chief Minister Uddhav Thackeray, however, admitted there has been no success yet in breaking the virus chain and said his government may seek deployment of central forces, if needed, to allow police personnel to take rest in phases. The state tops the nationwide tally for confirmed cases as well as deaths. A large number of new cases were reported during the day from various cities in Maharashtra and Tamil Nadu, while Uttar Pradesh, Karnataka, Andhra Pradesh and Odisha also reported rise in their tallies. However, Kerala and Himachal Pradesh reported only one fresh positive case each. The economic cost of the COVID-19 fight and the ongoing nationwide lockdown also appeared rising manifold with Moody's Investors Service projecting India's economic growth at zero per cent for the current fiscal. It also said that a high government debt, weak social and physical infrastructure, and a fragile financial sector face further pressures due to the coronavirus outbreak. According to experts, industrial and other business establishments may also face a huge labour shortage once they resume operations after the lockdown, which has been in place since March 25 and is scheduled to continue till May 17. Lakhs of migrant workers have either left for their native places or are in the process of doing so, including by trains and buses arranged by central and state governments. There are also worries that the virus spread may grow further in newer areas following these movements, while a large number of Indians stranded abroad have also begun returning home in special flights. During a press briefing on the COVID-19 situation, Health Ministry Joint Secretary Lav Agarwal said, "As we talk of relaxations to the lockdown and of migrant workers returning back to their respective homes, there is a big challenge in front of us that we also have to learn to live with the virus." "And when we are talking about learning to live with the virus then it is very important that the guidelines that are there on saving oneself from the virus are adopted in the community as a behavioural change," he said. It is a big challenge and the government needs the community support for it, Agarwal added. Delhi Chief Minister Arvind Kejriwal had also recently said the people will have to be ready to live with the novel coronavirus and that time has come to re-open the city. Agarwal said there has been a reduction in the doubling time of COVID-19 cases in the country from 12 days till two days ago to 10 now because of the spike in cases at some places, but asserted that the peak of the disease can be avoided if the prescribed do's and don'ts are followed. According to the daily morning update from the ministry, a total of 3,390 COVID-19 cases and 103 deaths were reported in the last 24 hours till Friday 8 AM, taking the total number of cases to 56,342 and death toll to 1,886. However, a tally of numbers reported by different states and union territories till 6.30 PM showed that nearly 57,500 have tested positive so far across the country. This marks an increase of nearly 5,000 since Thursday morning. Close to 17,000 COVID-19 patients have also recovered so far, giving a recovery rate of more than 29 per cent. The worldwide recovery rate has been hovering around 33 per cent for the past few days. Since its outbreak in China last December, more than 38.6 lakh people have been found to be infected with this virus, while over 2.7 lakh have lost their lives. Nearly 13 lakh people have recovered so far, including about 2 lakh in the US. In India, big urban centres across Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh and Delhi have been reporting large numbers of positive cases. While rising numbers were reported from Mumbai, Nashik, Thane and Aurangabad, among other places, in Maharashtra on Friday as well, Tamil Nadu saw its tally rising by 600 to cross the 6,000-mark while its death toll also rose to 40. On the outskirts of the national capital, Noida reported its first death while its tally of confirmed cases rose to 214. Gujarat reported 390 new cases, taking its tally to 7,403, while the death toll also rose to 449 with 24 more patients dying in the last 24 hours. Giving the district-wise situation of coronavirus cases, Agarwal said there are 216 districts in which no COVID-19 case has been reported till date. On May 1, the ministry had divided 733 districts in the country into three zones -- 130 in red, 284 in orange and 319 in green. Agarwal said 42 districts have had no fresh cases in the last 28 days while 29 districts have reported no new case in the last 21 days. Also, 36 districts have not registered any fresh cases in the last 14 days and 46 districts have had no fresh cases in the last seven days, he said. In Kerala, which reported one solitary case during the day, Chief Minister Pinarayi Vijayan said the state has flattened the COVID-19 curve. He also said the state needed to be careful to avoid another wave of the deadly virus but asserted it was ready to fight it in such an event. Among other people, several paramilitary personnel have also contracted the virus and one CISF official posted in Kolkata succumbed to COVID-19 on Friday. The number of active cases of the infection in the five paramilitary is more than 530, while thousands have been placed under preventive or clinical quarantine, officials said. A total of five paramilitary personnel have died so far of COVID-19, two each from BSF and CISF and one from the CRPF. Maharashtra's Health Minister Rajesh Tope said Mumbai should see a sharp decline in COVID-19 cases in the next 15-20 days. Separately, a panel of experts, formed to suggest ways to revive Maharashtra's economy, hit by the COVID-19 crisis and the resultant lockdown, submitted its report to the government during the day. Several states have been taking steps to shore up their resources, including by levying higher taxes on fuel and liquor. After Delhi, Andhra Pradesh and several others, Himachal Pradesh government has now decided to impose a 'corona cess' on liquor sales, while Puducherry Chief Minister V Narayanasamy also said the territorial administration was mulling imposition of special COVID-19 tax on liquor to wriggle out of the current fiscal crisis. The Madras High Court, however, ordered closure of liquor shops in Tamil Nadu a day after they were reopened, but allowed sale of liquor through online and door delivery till the end of the lockdown. The Supreme Court also asked states to consider non-direct contact or online sales and home delivery of liquor during the lockdown period to prevent the spread of coronavirus on account of crowding at the shops. Liquor shops were allowed to be opened in the third phase of the lockdown, which began on May 4, subject to compliance to social distancing and other guidelines issued by the government. PLB ASK ENM UD KIS JD AA NES MR DJI MNL ABA SJK PJT PD BJBJ

Hundreds more test positive for COVID-19; Health Ministry says 'learn to live with virus'

Gross Goods and Services Tax (<keyword id="19951327" type="General" weightage="100" keywordseo="gst" source="keywords">GST</keyword>) collections surged to a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of Rs 2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth. According to a statement by the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>, the growth was propelled by a robust uptick in both <keyword id="20791652" type="General" weightage="20" keywordseo="domestic-transactions" source="keywords">domestic transactions</keyword>, which rose by 13.4 per cent, and <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, witnessing an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year. The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (<keyword id="20793046" type="General" weightage="20" keywordseo="CGST" source="keywords">CGST</keyword>) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (<keyword id="20025648" type="General" weightage="20" keywordseo="SGST" source="keywords">SGST</keyword>) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (<keyword id="20025649" type="General" weightage="20" keywordseo="IGST" source="keywords">IGST</keyword>) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections reached Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods. Furthermore, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement. During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore. The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

<ul><li>M&amp;M, Ashok Leyland and Tata Motors have recovered from their intraday low.</li><li>Gadkari while speaking at a SIAM conference had said that the rising level of pollution is a health hazard for citizens.</li><li>There is no such proposal currently under active consideration by the government, said Gadkari in is clarification</li></ul> The auto index, <keyword id="3540651" type="General" weightage="20" keywordseo="Nifty-Auto" source="Orion">Nifty Auto</keyword>, recovered from its 400 point or approximately 2.5% fall after Union Minister <keyword id="26680" type="General" weightage="50" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> clarified on Tuesday clarified his '10% additional <keyword id="18747014" type="General" weightage="60" keywordseo="GST-on-diesel-vehicles" source="Orion">GST on diesel vehicles</keyword>' comment made earlier in the morning. At the time of updating the story, the index is 1.6% in the red. Auto stocks had fallen sharply after Gadkari said he will seek a "<keyword id="2169429" type="General" weightage="60" keywordseo="pollution-tax" source="Orion">pollution tax</keyword>" in the form of additional <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> of 10% on diesel vehicles and gensets in order to cut down on air pollution. This in turn has dragged the stocks down as most of the commercial vehicles in the country currently run on diesel. At the time of updating, Mahindra and Mahindra is down 1.7% but shown a recovery from the 3.48% slide. Ashok Leyland has now recovered slightly too and is down 2.4% while Tata Motors which had slipped 2.8% is now down 1.8%. The Road and Transport Minister has subsequently clarified his comment on X (formerly Twitter). He said that that there is no such proposal currently under active consideration by the government. <div type="twitter" handle="nitin_gadkari" handlename="nitin_gadkari" favoritecount="0" retweetcount="0" id="1701501884324860043"></div> Earlier, speaking at the 63rd Annual SIAM convention Delhi, the Union Road Transport and Highways Minister said the rising level of pollution is a health hazard for citizens. "I am going to handover a letter to the Finance Minister this evening stating that an additional 10% GST be put on diesel-powered vehicles," Gadkari said. In the passenger vehicle segment, various carmakers including Maruti Suzuki India and Honda have already stopped manufacturing diesel cars. Gadkari said the contribution of diesel cars has already come down drastically in the country and the manufacturers need to stop selling them in the market. Terming diesel as a hazardous fuel, he noted that the country has to import the fuel to meet the demand. "Say goodbye to diesel... Please stop making them, otherwise we will just increase the tax so much that it would become difficult to sell diesel cars" Gadkari said. He said he will propose additional GST on diesel-powered generators as well. Automobiles are currently taxed at 28% GST, with additional cess ranging from 1% to 22% depending on the type of vehicle. SUVs attract the highest GST at the rate of 28% along with a compensation cess at 22%. Gadkari also asked the industry to focus on environment-friendly alternative fuels like ethanol. He also asked the industry to focus on green hydrogen. Explained: <a href="https://www.businessinsider.in/policy/economy/news/what-is-ethanol-blending-current-targets-and-challenges-for-india/articleshow/103460113.cms" data-type="tilCustomLink" target="_blank">What is ethanol blending and what are the challenges faced by India</a>

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Sunday said <keyword id="6354679" type="COMPANY" weightage="20" keywordseo="gst">GST</keyword> exemption to domestic supplies and commercial import of <keyword id="8764262" type="COMPANY" weightage="20" keywordseo="covid">COVID</keyword> drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent Goods and Services Tax (GST), while it is 12 per cent in case of COVID drugs and oxygen concentrators. "If full exemption from GST is given, vaccine manufacturers would not be able to offset their input taxes and would pass them on to the end consumer/citizen by increasing the price. A 5 per cent GST rate ensures that the manufacturer is able to utilise <keyword id="6357073" type="COMPANY" weightage="20" keywordseo="ITC">ITC</keyword> and in case of overflow of ITC, claim refund. Hence exemption to vaccine from GST would be counterproductive without benefiting the consumer," Sitharaman tweeted. She further said that if Integrated GST (<keyword id="6360947" type="COMPANY" weightage="20" keywordseo="IGST">IGST</keyword>) ₹100 is collected on an item, ₹50 accrues to the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword> and the States each as Central GST and State GST respectively. Further 41 per cent of the CGST revenue is devolved to States. So out of a collection of ₹100, as much as ₹70.50 is the share of the states. From the GST collected on vaccine, half is earned by the Centre and the other half by the States. Further, 41 per cent of Centre's collections also get devolved to the States. So states end up receiving almost 70 per cent of the total revenue collected from vaccines. "In fact, a nominal 5 per cent GST is in the interest of the domestic manufacturer of vaccine and in the interest of the citizens," Sitharaman said. West Bengal Chief Minister Mamata Banerjee earlier in the day wrote to Prime Minister Narendra Modi seeking exemption from GST and customs duty any donations of oxygen concentrators, cylinders, cryogenic storage tanks and COVID related drugs from organisations or agencies. The Finance Minister tweeted her response to the Chief Minister's letter, saying these items are already exempted from customs duty and health cess. Besides, Integrated GST (IGST) is also exempted on all COVID relief material imported by the Indian Red Cross for free distribution in the country. Also IGST exemption has been given in case of goods when imported free of cost for free distribution in the country by any entity, <keyword id="51011" type="ORGANIZATION" weightage="20" keywordseo="state-government">state government</keyword>, relief agency or autonomous body on the basis of a certificate issued by a state government. "In order to augment the availability of these items, government has also provided full exemption from basic customs duty and health cess to their commercial imports," Sitharaman said. The government has already exempted from customs duty import of a host of COVID-related relief materials, including Remdesivir injection and its APIs, Inflammatory diagnostic (markers) kits, medical grade oxygen, oxygen therapy related equipment such as oxygen concentrators, cryogenic transport tanks, etc, and Covid vaccines. Besides, effective May 3, the government exempted IGST on import of COVID-relief material received as donation for free distribution in the country, a move which helped speed up customs clearances of such imports. This exemption would be subject to nodal authorities, appointed by the state governments, authorising any entity, relief agency or statutory body, for free distribution of such relief material. The said goods can be imported free of cost by a state government or, any entity/ relief agency/ statutory body, authorized in this regard for free distribution anywhere in India. SEE ALSO: <a href="https://www.businessinsider.in/science/health/article/if-you-are-feeling-anxious-and-overwhelmed-by-the-pandemic-and-the-news-around-it-here-are-a-few-ways-to-calm-yourself-down/articleshow/82494658.cms">If you are feeling anxious and overwhelmed by the pandemic and the news around it, here are a few ways to calm yourself down</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-net-worth-has-crossed-60-billion-as-per-forbes/articleshow/82454659.cms">Gautam Adani’s net worth has crossed $60 billion – thanks to Adani Ports’ profits</a> <a href="https://www.businessinsider.in/tech/news/google-is-now-automatically-turning-on-two-factor-authentication-for-some-accounts/articleshow/82452629.cms">Google is now automatically turning on two-factor authentication for some accounts</a> <a href="https://www.businessinsider.in/business/corporates/news/good-news-for-tata-steel-jsw-steel-sail-hindalco-and-other-indian-steel-companies/articleshow/82451127.cms">China has broken another emissions record ⁠— and it is good news for some Indian companies</a>

You Searched For "health cess" and got 9 results

Govt proposes health cess on import of medical equipment

PTI

The super rich in India may face wealth tax and one-time COVID-19 relief cess of 4%

IANS

Cess on imported medical devices to lead to cost escalation for patients: MTaI

PTI

Govt exempts customs duty, cess on ventilators, surgical masks, PPE, Covid-19 test kits

PTI

Understanding the budget allocation for health In India

BI India Bureau

Hundreds more test positive for COVID-19; Health Ministry says 'learn to live with virus'

PTI

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

ANI

Auto stocks recover after Gadkari clarifies his '10% additional GST on diesel vehicles' comment

BI India Bureau

GST exemption on domestic supplies, commercial imports of COVID drugs to make them costlier, says Finance Minister Nirmala Sitharaman

PTI

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