Several crucial decisions were made at the GST Council meeting on friday in Delhi. Nevertheless, there was no agreement at the discussion on whether or not to include gasoline and diesel in the GST. During a news conference following the 45th GST Council meeting, Finance minister Sitharaman stated, "This is not the ideal time to put petrol and diesel under GST." She stated that the members of the Committee did not believe it was suitable at this time to put petroleum items under the GST umbrella.
It was widely assumed that such a step would be taken in order to bring down the record high prices of gasoline and diesel. Many extravagant life medicines will not be subject to the Goods and service Tax, according to the minister (GST). According to Sitharaman, the council has provided tax exemptions on pharmaceuticals used to treat muscle atrophy that is imported for private use exclusively, as well as decreased the charge on cancer therapy medicines from 12% to 5%.
"The Goods and services tax on seven other drugs, as suggested by the Department of Pharmaceuticals, has also been reduced from 12 percent to 5%. This has also been extended until december 31, 2021 "During a news conference following the 45th General Body meeting, Union Finance minister Nirmala Sitharaman said. Furthermore, until december 31, 2021, the application of concessional GST rates on Covid-19-related drugs has been prolonged. The GST rate for Remdesivir, a medicine used to treat viral disease, has been cut to 5%. This waiver will be extended till december 31st of this year.
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