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Key takeaways from 45th GST Council meeting
Finance Minister Nirmala Sitharaman on Friday announced key decisions taken in the 45th meeting of the GST Council. Here are the key takeaways from the meeting.
E-commerce operators Swiggy, Zomato to pay GST on restaurant service supplied through them; tax to be charged at point of delivery: FM
(PTI)
FM Sitharaman said a group of state ministers (GoM) to look at rate rationalisation related issues, make recommendations in 2 months
(PTI)
Cess has to be collected beyond July 2022 for the specific purpose of repayment of loans taken. This cess collection has to go on till March 2026, based on the financial statements worked out now: FM
Revenue neutral position which was 15.5% at time of introduction of GST has steadily come down to around 11.6%, this was discussed today: FM
Detailed financial statements have been worked out, based on which we learn that cess will have to be collected till March 2026, purely to pay back loans taken between 2020-21 & 2021-22: FM
For the total amount to be borrowed this year, Rs 75,000 crore is already paid upfront to the States. For this as well as amount borrowed last year, we discussed how long the cess will have to be collected and paid to pay back the loans: FM
States have been given a complete picture of position of GST compensation being given since introduction of GST and even after Covid-19, and also the picture of what it is going to be in future: FM
Revenue neutral position which was 15.5% at time of introduction of GST has steadily come down to around 11.6%, this was discussed today: FM
IGST payable on import of aircraft or other goods imported on lease shall now be exempted from double taxation: FM
GST on Railway parts and locomotives and other rail parts under Chapter 86 to be increased from 12% to 18% to correct inverted duty structure: FM
GST Council agrees to correct inverted duty structure on footwear and textiles from Jan 1, 2022: FM
(PTI)
Council felt it wasn't time to bring petroleum products including petrol, diesel, and aviation turbine fuel under the ambit of GST: FM
GST on retro-fitment kits for vehicles used by Divyang/Persons with Disabilities reduced to 5%: FM
GST rate on fortified rice kernels which can be used in schemes like Integrated Child Development Services Scheme has been reduced from 18% to 5%: FM
GST rates on pens made uniform to 18%: FM
I am giving the names of two because those two are very expensive drugs - Zolgensma and Viltepso. These two are very important drugs which cost something like Rs 16 crores. So the council has decided to grant exemption from GST for these 2: FM
Drugs that are suggested by the Ministry of Health for treating muscular atrophy, on the recommendation of Health Ministry and Dept of Pharmaceuticals, are also exempted for IGST on import for personal use: FM Nirmala Sitharaman after 45th GST Council meeting, in Lucknow
(ANI)
Concessional GST rates on Covid drugs extended till December 31: FM
Training programmes wholly funded by state/central govts exempted from GST: FM
GST rate on bio-diesel reduced from 12% to 5%: FM
GST council grants tax exemption to two non-Covid-19 drugs: FM
Long-pending, people-friendly decisions taken: FM
Finance Minister Nirmala Sitharaman briefs media on GST council meeting
Despite policy measures, 83% SMEs lack access to finance: Survey
Over 83 per cent of small businesses are unable to access finance despite a slew of measures taken to deepen credit, especially in the wake of the pandemic, as per a recent survey.
Manish Sisodia, Deputy Chief Minister of Delhi attends the 42nd GST Council meeting, in Lucknow.
Credit: PTI Photo
Swiggy, Zomato, cloud kitchens may be brought under GST ambit
Food delivery apps like Swiggy and Zomato may soon be brought under the ambit of restaurant services, which will make them liable to pay the Goods and Services Tax (GST).
Panel to consider bringing petrol, diesel under GST
An Indian ministerial panel on the country’s goods and services tax will consider taxing petroleum products under a single national rate, according to people familiar with the matter, opening the door for a potential major change in consumer prices and government revenue.
From concession to Covid-19 drugs to petrol taxation changes, here's what to expect from the GST council meet
The GST Council, chaired by Finance Minister Nirmala Sitharaman, is meeting at Lucknowtoday, and may, among other things, review tax rate of over four-dozen items and extend till December 31, tax concessions on 11 Covid drugs.