GST Council Meet Live Updates: Finance Minister Nirmala Sitharaman chaired 45th Goods and Service Tax (GST) meeting on September 17. This was the first in-person GST Council meeting since Covid-19 outbreak. From extending concession on Covid-19 drugs to tax rationalisation, a host of issues have been discussed in GST meeting scheduled on Friday. The GST Council on Friday has extended the concession on select Covid-19 drugs, according to sources. There will be no GST on Amphotericin B, Tocilizumab till December 31, GST Council said, sources told CNBC TV18. GST rate on Amphotericin B, Tocilizumab was cut to ‘Nil’ in June 2021.There has been reports that government may discuss bringing auto fuel petrol and diesel under the ambit of GST. However, all the states unanimously rejected the proposal, according to sources.
“The GST Council is physically meeting after a long time, and the industry is keenly looking forward to this meeting. Issues such as bringing petroleum products, natural gas under GST ambit, capacity based taxation for tobacco products, future of compensation levy, GST rate rationalizations are expected to be discussed in the meeting. It will also be interesting to see if the GST council extends the GST exemptions for essential COVID supplies for a further period,” said Rajat Bose, partner, Shardul Amarchand Mangaldas & Co.
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Source: News18