GST Council Meeting Today: The GST Council is meeting on May 28 for the first time in the year 2021 amid the second wave of Corona. This meeting will be done through video conferencing from 11 am. Finance Minister Nirmala Sitharaman will preside over the meeting. Several issues are likely to be discussed in the GST Council meeting, which is being held after about 7 months. In this meeting, along with reducing the GST rate on goods related to COVID 19 such as medicines, vaccines and medical devices, petrol diesel can also be considered.
Earlier, the GST Council met in October 2020. Issues to compensate the states for revenue loss will also be discussed in the meeting to be held on May 28. The GST Council consists of representatives from all states and union territories. Due to the damage being caused by the coronavirus epidemic, the GST Council may have to decide on the financial support sought by the states.
Covid-19 related products can be cheap
Products related to GST can be cheap in the meeting. The GST Council will consider the proposal to give tax exemption to the vaccine of COVID-19. Currently, 5% GST is levied on the vaccine. Some states have suggested keeping the Corona vaccine completely tax-free or imposing a nominal tax of 0.1 per cent.
The GST on gloves, masks and other major Covid-19 medical equipment is generally 12 per cent and 18 per cent. However a minimum rate of 5 per cent is applicable on GST on PPE. While ambulance services are exempted from GST. A 28 percent GST is charged on the purchase of an ambulance vehicle.
Explain that the Center has already exempted customs and other similar items including IGST, medical grade oxygen, PPE kits, oxygen concentrator, oxygen canisters, filling systems, storage tanks, ventilators, compressors. The fee waiver is expected to increase the availability of these items as well as make them cheaper.
Amnesty scheme possible
In this meeting, the GST on shipping MRO can be reduced from 18 percent to 5 percent. Duty can be reduced on footwear, apparel. Amnesty scheme is possible for small-medium businessmen. The scope of this scheme will cover all the pending GSTR-3B returns from July 01, 2017 to April 2021. All GST registered businesses have to file GSTR-3B returns.
Petrol, diesel can be discussed
Petrol-diesel can also be discussed in the GST Council meeting. The central government has said many times on different fronts that to bring the price of oil under control it will have to be brought under the purview of GST. At the same time, there can be discussion on reducing GST rates for two-wheelers and bringing natural gas under indirect tax.
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