The Ministry of Finance has said as the GST Council meeting is still in progress, the press briefing is slightly delayed. "The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted," the ministry tweeted.
Earlier, the Finance Ministry had tweeted FM Nirmala Sitharaman will address a media briefing on the outcomes of 45th GST Council meeting at 6:30 PM in Lucknow.
Catch all the latest updates on the GST Council meet outcome on BusinessToday.In live blog.
The Finance Minister explained that the GST Council deliberated on food delivery apps. She explained that place of the delivery will be the point where the tax will be collected by the food delivery apps. They will pay up GST on it. There is no new or extra tax. The tax was payable by the restaurants, instead, now the tax will be paid by the food delivery aggregators.
Sitharaman said that two Group of Ministers (GoM) have been formed. One GoM will study the rate rationalisation issue and submit report within two months. It will come back with clarity on the rate rationalisation issue. The second GoM will look into related issues of e-way bills, fastag, plugging of loopholes, technology, etc. The second GoM will also submit a report within two months.
The Finance Minister noted that cess will be extended beyond July 2022 to service the borrowed principle and interest. Collection of Cess to repay back to back loans taken in FY21 and current financial year to continue till March 2026.
The Finance Minister said that the issue of petrol and diesel was discussed in the GST Council meeting. Several states said they don't want to bring petrol and diesel under GST. It was decided that the Council should report to Kerala High Court that the matter was discussed. The GST Council felt it was not time to bring petrol and diesel under GST, Sitharaman added.
GST rate on seven other medicines, which are recommended by Dept of Pharmaceuticals, have also been recommended for reduction from 12% to 5%. That is also extended till 31st Dec 2021: Finance Minister. Similarly, cancer-related drugs - Keytruda - along with similar other medicines used in the treatment of cancer as per Health Ministry or Dept of Pharmaceuticals are being recommended that they should come down from 12% to 5% said Finance Minister Nirmala Sitharaman.
GST Council has decided to correct inverted duty structure in foot wear, textile sector. The council has agreed to implement it with effect from Jan 1, 2022.
Training programmes where government bears 75% or more of the cost shall now be exempt from GST.
National Permit Fee charged by states for granting permit to goods vehicles to operate throughout India or in contiguous states is being exempted from GST.
GST exemption on transport of export goods by vessels and air extended by one more year to help exporters.
Concessional GST rates on Covid medicines extended till December 31. Amphotericin B - nil rate, Tocilizumab - nil rate, Remdesivir - 5% , anticoagulants like Heparin - 5%. These concessional rates which were valid till September 30th are now being extended till 31st December 2021.
GST Council exempts muscular atrophy drugs like Zolgensma, Viltepso from GST.
The revision in rates of more than 50 goods and services along with a discussion on bringing petroleum products like petrol, diesel and aviation fuel under the ambit of a nationwide tax is on the agenda of the GST Council meeting.
As many as 77 per cent of people want petrol and diesel to be included under the GST structure, acccording to a survey by LocalCircles. The GST Council is expected to discuss the matter, following an order of the Kerala High Court that asked the council to decide on bringing petrol and diesel within the GST ambit, based on a writ petition.
The Finance Ministry said briefing will commence after the GST Council meeting gets over. Inconvenience is regretted.
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