The central government on Friday announced that it has approved several proposals during the Goods and Service Tax (GST) council meeting
The central government on Friday announced that it has approved several proposals during the Goods and Service Tax (GST) council meeting, and announced that food delivery apps such as Swiggy and Zomato pay GST on restaurant services supplied by them.
The meeting was held in Uttar Pradesh's Lucknow, the first in-person one in nearly two years.
Here are some major reforms announced by the government after the GST council meeting:
- The GST council granted exemption on COVID-19 medicines such as Zolgensma, Viltepso, which cost up to Rs 16 crore, and reduced IGST on import of medicines to 0 per cent.
- It extended the concessions on 11 COVID drugs, such as Amphotericin B, Tocilizumab, Remdesivir, and anti-coagulants like Heparin, till December 31 from September 30, 2021.
- GST on drugs such as Itolizumab, Posaconazole, Infliximab, Favipiravir, Casirivimab & Imdevimab, 2-Deoxy-D-Glucose and Bamlanivimab & Etesevimab have been reduced to 5 per cent till December 31, 2021. The GST rate earlier was from 12 per cent.
- The GST Council said that it felt it was not the right time to bring petroleum products under the GST regime.
- The council increased the rate on carbonated fruit drinks to 28 per cent plus compensation of 12 per cent.
- It also decided to reduce the GST on biodiesel from the current 12 per cent to 5 per cent rate supplied to Oil Marketing Companies (OMCs) for blending with diesel.
- The council decided to reduce GST on Keytruda, a cancer treatment medicine, to 5 per cent from the current 12 per cent
- All pharmaceutical goods, which falls under heading 3006 will have a 12 per cent GST, while manufactured ice- cream sold by ice cream parlours will now have a 18 per cent GST
- The GST rate on metals such as iron, manganese, copper, nickel, cobalt, aluminum, lead, zinc, tin, and chromium, among other metals have been increased to 12 per cent from the existing 5 per cent
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