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45TH GST COUNCIL MEETING

45TH GST COUNCIL MEETING

Context:

On September 17, 2021, the 45th GST Council Meeting was chaired by Finance Minister Nirmala Sitharaman in Lucknow. Negotiations on petrol & diesel delivery under the GST regime were discussed and a number of important decisions were made.

Key Highlights:

  • The Petrol & Diesel case has been discussed in the Kerala High Court. However, Council decided not to include petrol and diesel under GST.
  • At the meeting, concessional GST rates on Covid-19 related medicines were also announced, which are valid until September 30. Now, the date has been extended to December 31, 2021.

Important Decisions Taken:

  • The GST level in biodiesel for mixing with diesel is reduced from 12 pc to 5 pc.
  • Concessional GST rates on drugs used in COVID-19 treatment were extended until December 31st.
  • The tax rates on drugs used for cancer treatment are set from 12 pc to 5 pc.
  • Inverted duty structure on footwear & textiles will be renovated from January 1, 2022.
  • It is not the right time to bring petroleum products under the GST regime.
  • A Group of state ministers (GoM) will be established to look into the rate rationalisation related issues. GoM will be making recommendations in 2 months.

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