Thread by @PIBMumbai

45th @GST_Council meeting is being held, under the chairpersonship of Finance Minister @nsitharaman

FM will address a press conference after the meeting, tentatively at ⏰6 PM

Catch LIVE updates on @PIBMumbai, in this tweet thread🧵

@airnews_mumbai

Finance Minister @nsitharaman to address the media on the outcome of 45th #GSTCouncilMeeting, in an hour

Live from⏰6:30 PM

Stay Tuned for Updates 👇

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📡Live Now📡

What are the outcomes of the just-concluded 45th @GST_Council meeting?

Stay tuned, for LIVE updates from the media conference by Union Finance Minister @nsitharaman

The @GST_Council met in person after nearly 2 years

FM @nsitharaman begins the media conference with a word of thanks to the Chief Minister and Finance Minister of Uttar Pradesh for hosting the meeting

Live Now

We have taken quite a few people-friendly decisions, I am very happy that some of them are long-pending, announces FM @nsitharaman

Watch Live

@FinMinIndia @nsitharamanoffc

There are some life-saving drugs not connected with #COVID19, but are very expensive, for which exemptions are being given

There wouldn't be #GST on them - Zolgngelsma and Viltepso costing around Rs. 16 Cr will now be exempted frm GST

- FM briefing media on @GST_Council meeting

Drugs suggested by @MoHFW_INDIA for treating muscular atrophy, are also exempted from IGST, for import on personal use

- FM @nsitharaman

#GSTCouncilMeeting

Live Now
@ICMRDELHI

45th #GSTCouncilMeeting

Concessional #GST rates on #COVID19 related medicines were announced earlier, applicable till Sep 30

The concessions have now been extended till 📅Dec 31, 2021

- FM @nsitharaman

Live

@COVIDNewsByMIB @MoHFW_INDIA

Extension is being given only for medicines which were given exemption earlier (not for medical equipment)

Medicines include:-
Amphotericin B (0%)
Tocilizumab (0%)
Remdesivir (5%)
Heparin (5%) - concessional #GST rates extended till Dec 31, 2021

- FM

https://twitter.com/PIBMumbai/status/1438873138171764741?s=20

#GST on 7 other medicines recommended by Pharmaceutical Dept. slashed from 12% to 5%, till Dec 31, 2021

GST on #Cancer-related drugs such as Keytruda ⬇️reduced from 12% to 5%

- FM @nsitharaman

Live Now
@Pharmadept @MoHFW_INDIA

#GST on retro-fitment kits for vehicles used by Divyang/ Persons with Disabilities reduced ⬇️to 5%

- FM @nsitharaman

#GSTCouncilMeeting

@socialpwds @MSJEGOI

#GST rate on fortified rice kernels which can be used in schemes like Integrated Child Development Services Scheme has been reduced ⬇️

- from 18% to 5%

- FM @nsitharaman on #GSTCouncilMeeting

@socialpwds @MSJEGOI @MinistryWCD

Finance Minister @nsitharaman announces reduction in #GST rate on biodiesel (supplied to oil marketing companies for blending with diesel),

- from 12% to 5%

#GSTCouncilMeeting

Live Now
@PetroleumMin @mnreindia

(1/2)

Transport of export goods by vessels and air is exempt from #GST; this was given due to difficulties being faced by exporters for getting Input Tax Credit refund due to technical issues on GST Portal

- FM @nsitharaman addressing media on #GSTCouncilMeeting

(2/2)

Although #GST portal is stable now, keeping in view the #COVID19 pandemic, this exemption is being extended by one year, so that exporters do not suffer

- FM @nsitharaman

National Permit Fee charged by states for granting permit to goods vehicles to operate throughout India or in contiguous states is being exempted from #GST

- @nsitharaman

@MORTHIndia
#GSTCouncilMeeting

Training programmes where govt. bears 75% or more of the cost shall now be exempt from #GST

(To give prominence to skill development, training programmes wholly funded by Central/State governments are already exempt frm GST)

- @nsitharaman

#GSTCouncilMeeting
@MSDESkillIndia

IGST payable on import of aircraft or other goods imported on lease shall now be exempted from double taxation

This will facilitate domestic industry & aviation sector, these will also allow transfer of goods imported under lease without payment of IGST

- FM
#GSTCouncilMeeting

.@GST_Council has decided today that #GST rate changes will be done to correct Inverted duty structure anomalies in footwear & textile sectors, to be implemented from Jan 1, '22

(this was as discussed earlier by Council, then deferred, correction was done only for mobile phones)

#GSTCouncilMeeting

Inverted duty structure anomalies for ores and specified metals will be corrected, but we have not yet decided on a date for this, informs FM @nsitharaman

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@MinesMinIndia

#GST on pen parts is 18%, while certain kinds of pens are charged 12%

It has been decided to correct this inversion by making rate on all pens and pen parts to 18%

- FM @nsitharaman
#GSTCouncilMeeting

Specified renewable energy devices attract 5% GST now, however all their inputs are taxed at 18%

This inversion leads to embedding of ITC on input services and capital goods, to reduce inversion, #GST will be 12% for those specified renewable devices

- FM @nsitharaman

#GST to be 12% for specified renewable devices

This will help domestic industry and #AatmanirbharBharat, particularly at a time when India is looking at emphasizing #RenewableEnergy

- FM @nsitharaman

https://twitter.com/PIBMumbai/status/1438877887772311553?s=20

#GST on Railway parts and locomotives and other rail parts under Chapter 86 to be increased ⬆️from 12% to 18% to correct inverted duty structure

- FM @nsitharaman

#GSTCouncil Meeting
@RailMinIndia @AshwiniVaishnaw

There has been lot of media speculation on whether petroleum products will be brought under ambit of #GST

I make it absolutely clear that this came on today's agenda purely because of the Kerala High Court order where it suggested the matter to be placed before @GST_Council

-FM

.@GST_Council Members made it clear they do NOT want petroleum products to be included under #GST

It was decided, we will report to Kerala HC that, matter has been discussed & Council felt it was not the time to bring petroleum products under GST

- FM

https://twitter.com/PIBMumbai/status/1438878997509672960?s=20

Revenue neutral position which was 15.5% at time of introduction of #GST has steadily come down to around 11.6%, this was discussed today

- FM @nsitharaman

#GSTCouncilMeeting

To service borrowed principal and interest from July 2022, @GST_Council had decided last year, #GST compensation need be paid only from cess collection, not from drawing from Consolidated Fund of India

It was hence decided to extend beyond cess collection for this purpose

- FM

States have been given a complete picture of position of #GST compensation being given since introduction of GST and even after #COVID19, and also the picture of what it is going to be in future

- FM @nsitharaman

For the total amount to be borrowed this year, Rs. 75,000 Crore is already paid upfront to the States

For this as well as amount borrowed last year, we discussed how long the cess will have to be collected and paid to pay back the loans

- FM @nsitharaman
#GSTCouncil Meeting

Detailed financial statements have been worked out, based on which we learn that cess will have to be collected till March 2026, purely to pay back loans taken between 2020-21 & 2021-22

- FM @nsitharaman briefs media on outcome of 45th #GSTCouncil meeting

It was decided at 43rd @GST_Council meeting that cess has to be collected beyond July 2022 for the specific purpose of repayment of loans taken

This cess collection has to go on till March 2026, based on the financial statements worked out now

- FM @nsitharaman

It has been decided to form one Group of Ministers to look at issues related to #GST rate rationalization such as anomalies in rate structure, the GoM will come back on this with great clarity on the issue, within 2 months after its formation

- FM @nsitharaman
#GSTCouncil

Another GoMs will be formed to look into related issues of e-way bills, FASTAGs, technology, compliances, plugging of loopholes, composition schemes & so on - GoM will help ensure max. use of tech and to ensure those gaming the system do not succeed

- FM

https://twitter.com/PIBMumbai/status/1438884043550986240?s=20

Regarding Swiggy-like operators and gig offices, it has been decided that since the place where food is delivered will be the point where tax is collected, the Swiggy-like operator who will be collecting tax will pay up the #GST on it

-FM

(please note that there is no new tax)

Thank you for joining us for the Finance Minister's media briefing on 45th @GST_Council meeting

The highlights are there in this thread🧵, but do watch out for #PIB press release (to be issued shortly on pib.gov.in) for the finer details!

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@GST_Council @ddsahyadrinews @DDNational @DDSahyadri @airnewsalerts @PIB_India @MIB_India @FinMinIndia @nsitharaman @nsitharamanoffc @Infosys_GSTN And here is the detailed press release on Recommendations of 45th @GST_Council Meeting

📖pib.gov.in/PressReleasePa…

#GSTCouncil