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Friday, October 22, 2021

GST Council Meeting: Know the outcome of meeting

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GST Council Meeting: Gasoline and diesel will not yet be subject to GST. An important meeting of the GST Council was held under the chairmanship of the Union Minister of Finance, Nirmala Sitharaman, during which the idea of ​​subjecting petroleum products to the GST was discussed. Finance Minister Nirmala Sitharaman said after the meeting that the GST Council believes that now is not the time to subject petroleum products to the Goods and Services Tax (GST).

After the 45th GST Council Meeting here, he also said that the rate of the GST on biodiesel blended with diesel has been reduced from 12% to 5%.

He said that the GST Board has extended the period of concessional GST rates applicable on drugs used in the treatment of Kovid until December 31, 2021. The board also decided to reduce the tax rate on drugs. used in the treatment of cancer from 12% to five percent.

Apart from this, it was decided to exempt national license fees charged by states for the operation of freight vehicles. Sitharaman said the council has agreed to fix the reverse tariff structure (lower tariffs on raw materials and higher tariffs on finished goods) on footwear and clothing from January 1, 2022.

He said it had been decided to collect the GST at a single rate of 18 percent on pens, while the goods and services tax of 12 percent on specific renewable energy equipment.

In another decision taken by the council, it was said that e-commerce entities like Swiggy and Zomato would pay GST on catering service provided through them, which will be collected at the point of delivery.

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