Following 45th GST Council meeting Lucknow saw a decline in many goods and commodities on Friday GST Rates. It should also be noted that GST Council, chaired by the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman decided to increase the existing concessional GST rates on the supply of goods and services in relation to the GST law and procedures. One such significant change was the concessions on GST rates introduced for COVID-19 treatment drugs till December 31, 2021. The Council also felt that this was not the right time to include petrol or diesel under GST, thereby addressing the concerns. And speculation surrounded the topic before the meeting.
According to a statement given by Sitharaman after the press briefing, it was learned that the members of the GST Council did not want petroleum products to be included under GST and Kerala was the only reason why it came on the agenda of the meeting. High Court orders where it suggested that the matter should be taken up by the Council during the meeting.
Keeping this in mind, here is the revised concessional GST rates going forward.
COVID-19 relief measures in the form of GST concessions
The existing concessional GST rates, which were earlier valid till September 30, 2021, have been removed and extended till December 31, 2021. Drug treatment includes:
Amphotericin B – Nil
Remdesivir – 5% Off
Tocilizumab-Nilo
Anti-coagulants like heparin – 5 percent discount
GST rates on other COVID-19 treatment drugs reduced by 5 percent till December 31, 2021
itolizumab
posaconazole
infliximab
favipiravir
casirivimab and imdevimab
2-deoxy-D-glucose
bamalanimab and etesevimab
Key Recommendations on Changes in GST Rate for Goods (Effective October 1, 2021)
GST rates that were reduced
Retro fitment kit for vehicles used by handicapped – GST rate reduced to 5 percent
Fortified Rice Kernels for schemes like ICDS etc – GST reduced from 18 percent to 5 percent
Medicine Keytruda for cancer treatment – GST reduced from 12 percent to 5 percent
Biodiesel supplied to OMCs for blending with diesel – GST reduced from 12 per cent to 5 per cent
IGST on import of drugs for personal use (Zolgensma for Spinal Muscular Atrophy, Viltepso for Duchenne Muscular Dystrophy, other drugs used in the treatment of muscular atrophy as recommended by the Ministry of Health and Family Welfare and Department of Pharmaceuticals) – 12 percent to GST Nil GST reduced from
Unintended waste generated during production of fish meal other than fish oil – Nil GST for the period 1st July, 2017 to 30th September, 2019.
IGST exemption on goods supplied at Indo-Bangladesh border haats – Nil GST
hiked gst rates
Ores and concentrates of iron, copper, aluminum, zinc and certain other metals – GST rates hiked from 5 per cent to 18 per cent
Specified renewable energy equipment and parts – GST rates raised from 5 per cent to 12 per cent
Cartons, boxes, bags, paper packing containers, etc. GST rates increased from 12/18 percent to 18 percent
All types of pens – GST increased from 12/18 per cent to 18 per cent
Railway parts, locomotives and other goods in Chapter 86 – GST rates raised from 12 percent to 18 percent
Miscellaneous paper goods like cards, catalogues, printed materials (Chapter 49 of Tariffs) – GST rates increased from 12 percent to 18 percent
Waste and scrap of polyurethane and other plastics – GST rates raised from 5 per cent to 18 per cent
Another important factor that was discussed was the increase in GST rates levied on online food delivery platforms like Swiggy and Zomato. The GST hike against these platforms was 5 per cent at the time of delivery, which translates into higher prices when ordering food through the delivery giant.
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