45th GST Council Meeting held in Lucknow | Daily Current Affairs 2021
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45th GST Council Meeting held in Lucknow

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45th GST Council Meeting

45th GST Council Meeting: The 45th Goods and Services Tax (GST) Council meeting was recently held in Lucknow.

Highlights:

  • It was held under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
  • Finance Ministers from all states will attend the meeting.
  • At the meet, discussions over bringing petrol & diesel under the GST regime were discussed and several key decisions were also taken.

Key Points of the Meeting:

  • The issue of Petrol & Diesel was discussed about which the Kerala High Court had questioned.
  • However, the GST Council has decided not to put petrol and diesel under GST.
  • The consumers will have to keep paying the Compensation Cess levied on products like automobiles till March 2026 instead of July 2022 as originally envisaged at the time of rolling out the indirect tax regime.
  • Concessional GST rates on Covid-19 related medicines were also announced, which are applicable till September 30. Now, the date has been extended till December 31, 2021

Key Decisions:

  • Concessional GST rates on drugs used in COVID-19 treatment extended till Dec 31.
  • Tax rates on medicines used in cancer treatment was cut from 12 pc to 5 pc.
  • GST rate on biodiesel for blending it with diesel was reduced from 12 pc to 5 pc.
  • Inverted duty structure on footwear and textiles will be corrected from January 1, 2022.
  • It is not the correct time to bring petroleum products under GST regime.
  • E-commerce operators like Zomato and Swiggy will come under GST regime.
  • They are now required to pay GST on restaurant service supplied through them, since tax is charged at point of delivery. Earlier, restaurants used to pay the tax.
  • A Group of state ministers (GoM) will be established to look after the rate rationalization related issues.
  • GoM will be making recommendations in 2 months.
  • Another GoMs will be set up in order to look after issues of e-way bills, plugging of loopholes, FASTAGs, compliances, technology, composition schemes etc.

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