GST Council Meeting: Here Are The Key TakeAways

Under the leadership of Finance Minister Nirmala Sitharaman, Goods and Services Tax’s (GST) 45th Council meeting was successfully conducted in Lucknow. The pivotal point on the agenda was the discussion to bring petrol and diesel under the GST regime.

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After the meeting, finance minister Nirmala Sitharaman addressed the media and made various announcements. However, citizens’ eyes were on the topic of petrol and diesel price. For the past several months, the rates of fuel like petrol, diesel, gas are increasing constantly. Petrol price has crossed the hundred mark whereas gas too has expensive with 900 rs per cylinder.

There was speculation that petrol and diesel might come under GST  which would have been resulted in the reduction of petrol and diesel prices. But, in today’s meet, it has been decided that petrol and diesel will not come under GST.

Several other key decisions were also taken at the meet. Here we take a look:

  1. Swiggy- Zomato To Come Under GST

Swiggy and Zomato have become a part of the everyday life of the people. Many people rely on these services. Finance Minister said the GST council has decided that earlier restaurants use to pay the taxes but now the companies like zomato and Swiggy will pay the tax.

https://politicalbloc.com/4-times-finance-minister-niramala-sitharaman-got-trolled-for-her-statements/

  1. Reduction Of GST On Biodiesel

The GST on biodiesel has been deducted from 12% to5%. Biodiesel is provided to oil marketing firms for blending with diesel.

  1. Extention Of Concessional GST Rates On Medicines

Previously, concessional GST rates on Covid-19 related medicines were applied that were relevant till September 30, will now be applicable till December 31, 2021. The extension is being given only for medicines that were given exemption earlier no new medicines are added.

  1. Formation Of Two GoMs Decided In GST Council

Group of Ministers (GoMs) will be divided into two. One group of ministers will look into the matters related to  GST rate rationalization such as anomalies in rate structure while the other will take care of e-way bills, FASTAGs, technology, compliances, plugging of loopholes, composition schemes, etc.

https://politicalbloc.com/heres-why-indiaonsale-trends-on-social-media/

  1. GST Deduction On Cancer Medicines

GST Council deducted tax rates on medicines used in cancer treatment from 12% to 5%