New Delhi: The Goods and Service Tax (GST) Council is all set to meet today (September 17) to discuss a slew of proposals including whether to bring petrol under the ambit of GST. The council chaired by Finance Minister Nirmala Sitharaman will be meeting in Lucknow, Uttar Pradesh.
The council is also expected to review the GST rate on more than four dozen items, including online food delivery services. Moreover, the GST council is also likely to extend the last date for concessions on 11 COVID drugs.
In a tweet, Finance Ministry tweeted, “Finance Minister Smt @nsitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow tomorrow. The meeting will be attended by MOS Shri @mppchaudhary besides Finance Ministers of States & UTs and Senior officers from Union Government & States.”
Petrol prices to come under GST?
One of the major proposals that the GST Committee is likely to discuss is whether to bring petrol and diesel under the GST regime or not. If the proposal gets the nod from the GST Council, then petrol is expected to sell at just Rs 75 per litre while diesel will retail at about Rs 68 per litre, according to estimates of SBI economists. However, such a decision is unlikely from the council.
GST concession on COVID-19 drugs
In June 2021, the GST Council had announced tax concessions on 11 COVID-19 drugs that were applicable till September 30. The Council is expected to extend the concession till December 31. Some of these drugs include Amphotericin B, Tocilizumab, Remdesivir and anti-coagulants like Heparin, among others.
Meanwhile, the council is expected to reduce the tax rates on certain drugs from the current 12 per cent to 5 per cent. Itolizumab, Posaconazole, Infliximab, Bamlanivimab & Etesevimab, Casirivimab & Imdevimab, 2-Deoxy-D-Glucose and Favipiravir are some of the drugs that could get cheaper after today’s decision.
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