Business

Many important decisions taken in the meeting of the GST Council, exemption on life saving medicines; No relief on petrol and diesel

Amphotericin-B and Tocilizumab will not attract GST. Remdesivir and Heparin will attract 5% GST. This exemption will continue till 31 December 2021.

GST Council Latest Update: Many important decisions were taken in the meeting of the GST Council in Lucknow on Friday, but once again there has been no relief on the rising prices of petrol and diesel. In the 45th meeting of the GST Council led by Finance Minister Nirmala Sitharaman, it was expected to bring petrol and diesel under the ambit of GST but it did not happen. Union Finance Minister Nirmala Sitharaman said, “The GST Council felt that this is not the time to bring petrol and diesel under GST. Most of the states agree with this view.”Also Read – Petrol-Diesel Price Today: So will petrol-diesel become so cheap? Know for now – what is the latest rate today

Finance Minister Nirmala Sitharaman said after the 45th meeting of the GST Council in Lucknow, “Whether petroleum products should be brought under the purview of GST, this issue was discussed due to the direction of the court. Many members have clearly said that they do not want it to be brought under the ambit of GST. Also Read – What is Bad Banks? Cabinet approves proposal for government guarantee for ‘Bad Bank’, know who will benefit

However, apart from this, many other important decisions were taken in the meeting of the GST Council. The GST rate on biodiesel supplied to oil marketing companies for blending with diesel has been reduced from 12% to 5%. At the same time, the GST rates on retro fitment kits for vehicles used by persons with special disabilities have also been reduced to 5%. Also Read – Air India Latest News: Financial bids received for disinvestment of Air India, Tata Sons and industrialist Ajay Singh bid

Union Finance Minister Nirmala Sitharaman said, “Some life saving medicines which are very expensive, which are used more for children. These are not related to Corona. Such drugs are exempted from GST. Now GST will not be applicable on this. Zolgensma and Viltepso are two such important drugs.”

He said that there was a relaxation in GST rates on medicines related to Corona, which was applicable till 30 September. Now this exemption has been extended till 31 December 2021. This exemption in GST rates will be given only in medicines, in the list which was issued earlier, many other devices were also included. Amphotericin-B and Tocilizumab will not attract GST. Remdesivir and Heparin will attract 5% GST. This exemption will continue till 31 December 2021. The rate of GST on cancer related drugs like Keytruda has been reduced from 12% to 5%.

Apart from this, it has been decided to waive off the national permit fee charged by the states for the operation of freight vehicles. Sitharaman said that the council has agreed to fix the inverse duty structure (lower duty on raw materials and higher duty on finished goods) on footwear and clothing with effect from January 1, 2022. He said that it has been decided to levy GST at a single rate of 18 per cent on pens while 12 per cent Goods and Services Tax on specific renewable energy equipment. In another decision taken by the council, it has been said that e-commerce entities like Swiggy and Zomato will pay GST on restaurant service supplied through them, which will be collected at the point of delivery.

.

Show More

Related Articles

Leave a Reply

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker