GST Council Meeting 2021-Petrol, diesel not under GST and other decisions you need to know:-The first meeting of the GST Council, held in Lucknow since the outbreak of the pandemic in March 2020, was chaired by the Finance Minister along with various finance ministers from states and union territories as well as senior officials of the government and tax department. .
The major issues on the agenda were around rationalization of the inverted duty structure.
GST Compensation Cess to be increased Finance Minister Nirmala Sitharaman has said that the GST Compensation Cess will need to be increased by March 2026. This is being done for revenue to repay the loans taken by the states to cover the shortfall of the cess in FY21 and FY22, Sitharaman said.
There is a perception that the government will also place a proposal before the states and suggest alternatives as to how the compensation can be extended beyond the prescribed limit, but the states will have to take the same decision.
So some crucial time will be given to the states to decide which method is best for them. Correction of discrepancies in inverted duty scheme Inverted duty scheme on footwear and textiles to be corrected from January 1, 2022: FM Sitharaman
UPS and external battery to be treated at par: The council has proposed to increase the GST on railway components, locomotives to 18% from the existing 12%. In the current regime, the GST on UPS is 18%, while that for external batteries is 28%.
GST relief for exported goods extended
GST relief for exported goods extended for one more year Goods transported by air and sea will be exempted from GST for one more year. This is due to difficulties in getting input tax credit refund to exporters, Sitharaman said. National permit fee charged by states for goods vehicles plying across India is being exempted from GST.
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- Tesla to start electric vehicle production Central government directs
- India’s forex reserves at new high – AsiaGlobalBank
Finance Minister Sitharaman says rate rationalization and extension has been given for GST exemption on expensive imported drugs like Zologensma and Viletso. The FM says that the concessional GST rates on medicines related to COVID,
Which were till 30 September, have now been extended till 31 December. The extension at subsidized rates has been given only for drugs like Remdesivir, but not for medical devices.
State charges a national permit fee for permitting the carriage of goods
The state charges a national permit fee for permitting the carriage of goods. He said that this fee has been exempted from GST. In the past, the GST Council has approved amphotericin B (nil to 5 per cent), tocilizumab (nil from 5 per cent), remdesivir (12 per cent). drank. 5 percent), and anti-coagulants such as heparin (12 percent to 5 percent). The rate of GST on oxygen, oxygen generating equipment and related medical equipment as well as test kits has been reduced from 12 per cent to 5 per cent.
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| GST Council Meeting 2021-Petrol, diesel not under GST and other decisions you need to know |
GST Council Meeting 2021
The major issues on the agenda were around rationalization of the inverted duty structure.
Know here all the important GST Meeting decisions 2021:
GST Compensation Cess to be increased Finance Minister Nirmala Sitharaman has said that the GST Compensation Cess will need to be increased by March 2026. This is being done for revenue to repay the loans taken by the states to cover the shortfall of the cess in FY21 and FY22, Sitharaman said.
There is a perception that the government will also place a proposal before the states and suggest alternatives as to how the compensation can be extended beyond the prescribed limit, but the states will have to take the same decision.
Scheme on footwear and textiles
So some crucial time will be given to the states to decide which method is best for them. Correction of discrepancies in inverted duty scheme Inverted duty scheme on footwear and textiles to be corrected from January 1, 2022: FM Sitharaman
Increase the GST on railway components, locomotives
UPS and external battery to be treated at par: The council has proposed to increase the GST on railway components, locomotives to 18% from the existing 12%. In the current regime, the GST on UPS is 18%, while that for external batteries is 28%.
GST relief for exported goods extended
GST Council Meeting 2021-
GST relief for exported goods extended for one more year Goods transported by air and sea will be exempted from GST for one more year. This is due to difficulties in getting input tax credit refund to exporters, Sitharaman said. National permit fee charged by states for goods vehicles plying across India is being exempted from GST.
See Also
- Ola starts Electric Scooter with 10,000 female employees
- Tesla to start electric vehicle production Central government directs
- India’s forex reserves at new high – AsiaGlobalBank
GST exemption on expensive imported drugs
Finance Minister Sitharaman says rate rationalization and extension has been given for GST exemption on expensive imported drugs like Zologensma and Viletso. The FM says that the concessional GST rates on medicines related to COVID,
Which were till 30 September, have now been extended till 31 December. The extension at subsidized rates has been given only for drugs like Remdesivir, but not for medical devices.
State charges a national permit fee for permitting the carriage of goods
The state charges a national permit fee for permitting the carriage of goods. He said that this fee has been exempted from GST. In the past, the GST Council has approved amphotericin B (nil to 5 per cent), tocilizumab (nil from 5 per cent), remdesivir (12 per cent). drank. 5 percent), and anti-coagulants such as heparin (12 percent to 5 percent). The rate of GST on oxygen, oxygen generating equipment and related medical equipment as well as test kits has been reduced from 12 per cent to 5 per cent.
GST Tax Rates on some common items
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