Sensex

up-green-arrow

Nifty

up-green-arrow

USDINR

down-red-arrow

GBPINR

down-red-arrow

EURINR

down-red-arrow

Economy News

News on Indian Economy and Sectors, which have impacts in the market.

 
GST Council Announces Tax reduction On Life Saving Drugs, Says Two GOMs Will Look Into GST Regime
17-Sep-21 21:15Hrs IST

Finance Minister Nirmala Sitharaman on Friday chaired the 45th meeting of the Goods and Service Tax (GST) Council in Lucknow. FM announced the GST Council's decision to give tax concessions on life-saving drugs. There will be no GST on Amphotericin B, Tocilizumab till December 31 this year. Concessional GST rates on Covid-related drugs, which were till September 30, have now been extended till December 31 only for medicines, but not for medical equipment. The proposal of reducing GST from 12% to 5% on seven more drugs till December 31, 2021 was also approved: Itolizumab, Posaconazole, Iniximab, Bamlanivimab and Etesevimab, Casirivimab and Imdevimab, 2-Deoxy-D-Glucose and Favipiravir.

The FM announced that two groups of ministers will be constituted to look into certain changes in the GST regime. One group would look at rate rationalisation issues and submit a report in two months, while the second group will look into related issues of e-way bills, fastags, technology, compliance, composition schemes. The GST compensation cess will need to be extended till March 2026. The GST Council exempted national permit fee charged by states for operation of goods carriage.

A reduction in GST rate on biodiesel supplied to OMCs for blending with diesel from 12% to 5% was also announced. The Council also approved increasing GST on railway part and locomotives to 18% from the current 12%. An inverted duty scheme on footwear and textiles will be corrected from January 1, 2022, the FM noted. Now 12% GST will be applicable on specific renewable devices and pens will now attract single GST rate of 18%. GST rate on fortied rice kernels which can be used in Integrated Child Development Services Scheme has been reduced from 18% to 5%.

GST Council discussed bringing petrol and diesel under GST regime but decided against putting petrol and diesel under GST. For import of Aircraft on lease, IGST paid has been exempted, the finance minister said. Food aggregators will also come in the tax ambit now, the GST Council decided.

Powered by Capital Market - Live News

Attention Investor :

"Prevent unauthorised transactions in your account ; Update your mobile numbers/email IDs with Us. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day” - Issued in the interest of Investors"

"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."

"No need to issue cheques by investors while subscribing to Equity IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

A Muthoot M George Enterprise