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GST

45th GST Council Meeting – Key Highlights

The GST council’s 45th Meeting was held on 18th September,2021 in lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. Finance minister chaired the first in-person GST council meeting in nearly two years. The Finance Minister during her press conference on the GST council meet 2021, mentioned  that “several people centric decisions taken by the GST Council”.

The Key highlights are:

  • The online Food delivery aggregator firms Swiggy and Zomato will now be liable to pay GST and not the restaurant partners. Such food delivery apps will now be required to collect 5% GST from customers instead of the restaurant they pick up orders from. The changes will be effective from January 1, 2022 to allow the E-commerce operators to make changes in their software for such tax to be charged.
  • Petrol and diesel will not to be brought under the GST regime yet.
  • GST rate on biodiesel supplied to oil marketing companies (OMCs) for blending with diesel has been reduced from 12% to 5%.
  • GST rates on Retro fitment kits for vehicles used by persons with special abilities reduced to 5%
  • GST rates on Fortified Rice kernels for schemes like Integrated Child development scheme reduced from 18% to 5%.
  • Concessional GST Rates on COVID-19 related drugs, which are valid till September 30, 2021 have been extended till December 31. The extension has been provided only for medicines like Remdesivir and not for any other medical equipments.

The following rates will be applicable:

  1. Tocilizumab – NIL
  2. Remdesivir – 5%
  3. Amphotericin B – NIL
  4. Anti-coagulants like Heparin – 5%
  • GST Rate on several other medicines ( Itolizumab, Posaconazole, Infliximab, favipiravir, Casirivimab & Imdevimab, 2-deoxy-D-Glucose, Bamlanivimab & Etesevimab )which was recommended by the Department of Pharmaceuticals have also been reduced from 12% to 5%. Reduction of such rates will be valid till December 31, 20021.
  • GST rates on cancer related drugs such as Keytruda along with other cancer treatment medicines reduced from 12% to 5%.
  • GST exemption has been additionally given on expensive imported drugs such as zolgensma and Viltepso. These drugs cost around Rs.18 crores.
  • Drugs used for treating Spinal-Muscular Atrophy exempted for IGST on import of personal use.

(B) Recommendation relating to GST Law and procedure :

  1. Relaxation for filing GST ITC-04 provided to the taxpayers:
    • Taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in 6 months
    • Taxpayers whose annual turnover in preceding financial year is upto Rs. 5 cores shall furnish ITC-04 annually.
  2. Interest is to be paid by a taxpayer on “Ineligible ITC availed and utilized “ at 18% w.e.f. 01.07.2017.
  3. Unutilized balance in CGST and IGST cash ledger may be allowed to be transferred between distinct persons.
  4. Late fees will be auto-populated for delay in filing GSTR-1.
  5. With effect from 01.01.2022, GSTR 1 cannot be filed if GSTR 3B is not filed.
  6. Aadhaar authentication will be mandatory for claiming refund and for filing application for revocation of cancellation of GST registration.
  7. Refund of taxes to be disbursed in the bank account which is linked with same PAN on which registration has been obtained.
  8. Rule 36(4) of CGST Rules, 2017 to be amended, once the proposed clause (aa) of section 16(2) of CGST Act, 2017 is notified, to restrict availment of ITC in respect of invoices/ debit notes, to the extent the details of such invoices/ debit notes are furnished by the supplier in FORM GSTR-1/ IFF and are communicated to the registered person in FORM GSTR-2B.

(C) GST Rate Changes in relation to Goods (applicable from October 1,2021)

NOTE

  • Supply of Methane Oil from unregistered dealer has been bought under reverse charge. Further, export of Methane Oil should be allowed only against LUT and consequential refund of Input Tax Credit (ITC).
  • With effect from April 1,2022 bricks would be brought under special composition scheme with threshold limit of Rs. 20 lakhs. It would attract GST @ 6% without ITC and 12% with ITC.
S. NoDescriptionFromTo
1Retro fitment kits for vehicles used by the disabledApplicable rate5%
2Fortified Rice Kernels for schemes like ICDS etc.18%5%
3Medicine Keytruda for treatment of cancer12%5%
4Biodiesel supplied to OMCs for blending with Diesel12%5%
5Ores and concentrates of metals such as iron, copper,
aluminum, zinc and few others
5%18%
6Specified Renewable Energy Devices and parts5%12%
7Cartons, boxes, bags, packing containers of paper etc.12%/18%18%
8Waste and scrap of polyurethanes and other plastics5%18%
9All kinds of pens12%/18%18%
10Railway parts, locomotives & other goods in Chapter 8612%18%
11Miscellaneous goods of paper like cards, catalogue,
printed material (Chapter 49 of tariff)
12%18%
12IGST on import of medicines for personal use, namely
i. Zolgensma for Spinal Muscular Atrophy
ii. Viltepso for Duchenne Muscular Dystrophy
iii. Other medicines used in treatment of muscular atrophy recommended by Ministry of Health and Family Welfare and Department of Pharmaceuticals.
12%NIL
13IGST exemption on goods supplied at Indo-Bangladesh Border haats
Applicable rateNIL
14Unintended waste generated during the production of fish
meal except for Fish Oil
Nil (for the
period 1.7.2017 to 30.9.2019)

(D) GST Rate Changes in relation to Services (applicable from October 1,2021)

NoDescriptionFromTo
1Validity of GST exemption on transport of goods by vessel and air from India to outside India is extended upto 30.9.2022.-Nil
2Services by way of grant of National Permit to goods carriages on payment of fee.18%Nil
3Skill Training for which Government bears 75% or more of the expenditure [ presently exemption applies only if Govt funds 100%].18%Nil
4Services related to AFC Women's Asia Cup 2022.18%Nil
5Licensing services/ the right to broadcast and show original films, sound recordings, Radio and Television programmes [ to bring parity between distribution and licencing services]12%18%
6Printing and reproduction services of recorded media where content is supplied by the publisher (to bring it on parity with colour printing of images from film or digital media).12%18%
7Exemption on leasing of rolling stock by IRFC to Indian Railways withdrawn.
8E Commerce Operators are being made liable to pay tax on following services provided
through them
(i) transport of passengers, by any type of motor vehicles through it [w.e.f. 1st January,
2022]
(ii) restaurant services provided through it with some exceptions [w.e.f. 1st January,
2022]
9Certain relaxations have been made in conditions relating to IGST exemption relating to import of goods on lease, where GST is paid on the lease amount, so as to allow this exemption even if (i) such goods are transferred to a new lessee in India upon expiry or termination of lease; and (ii) the lessor located in SEZ pays GST under forward charge.

SOURCE :- https://www.cbic.gov.in/resources//htdocs-cbec/press-release/PRESS_RELEASE_45.pdf

DISCLAIMER : – This details provided in this blog is for information purpose only. The content has been taken from authentic source. We don’t accept any losses/issues incurred by the information that has been mentioned here. Before taking any action/decision on the information, do check it propertly. Seek advise before proceeding ahead.

 

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