GST Council LIVE: No cheer on petrol and diesel front; Swiggy, Zomato-like services to come under GST

GST Meeting LIVE: The GST Council today decided to extend exemption various vocid-19 related drugs till December end. Other non-covid life saving drugs have also received exemption. GST Council discussed petrol and diesel but the same will not be brought under GST.

The meeting was the the first in-person meeting between the Union Finance Minister and State Finance Ministers in two years.

GST Council Meeting LIVE: Finance Minister Nirmala Sitharaman today chaired the 45th meeting of the Goods and Service Tax Council Council in Lucknow today where it was decided against bringing petrol and diesel under the ambit of GST. In the first in-person meeting of the GST Council, it was decided to extend GST exemption for various life saving covid-19 drugs. Further, the GST Council decided to exempt various other non-covid life-saving drugs from GST. The Finance Minister said that the GST Council has taken steps to correct the inverted duty scheme on footwear and textiles.

Live Blog

20:31 (IST)17 Sep 2021
No New tax.

Earlier tax was paid by restaurants but now aggregators such as Zomato and Swiggy will pay the tax, the GST Council decided. This move would help protect revenue. 

20:31 (IST)17 Sep 2021
Swiggy, Zomato come under GST

Detailed discussion on gig workers like Swiggy, Zomato today. The place where the food is delivered will be the point where tax is collected by the Swiggy and Zomato like services, the finance minister said.

20:28 (IST)17 Sep 2021
GST Council decided on forming two GoMs

"Two GoMs formed today. One will look at rate rationalisation related issues and will submit a report in two months time. The second GoM will look into related issues of E-way bills, Fastags, Technology, compliance, and compensation schemes. This GoM will also submit report in two months," the Finance Minister said today.

20:18 (IST)17 Sep 2021
Inverted duty scheme on footwear and textiles to be corrected

Finance Minister Nirmala Sitharaman said that the inverted duty scheme on footwear and textiles will be corrected from January next year.

20:15 (IST)17 Sep 2021
Petrol and diesel to not come under GST regime

"GST Council discussed bringing petrol and diesel under GST regime as asked by Kerala High court," Finance Minister said today. The GST Council has decided against putting petrol and diesel under GST.

20:04 (IST)17 Sep 2021
Double taxation avoidance

For import of Aircraft on lease, IGST paid has been exempted, the finance minister said. The move is expected to help the aviation sector. 

20:02 (IST)17 Sep 2021
Nation carrier permit not under GST

States which charge a national permit fee to grant a permit to goods carriers to operate throughout India is exempted from GST.

20:01 (IST)17 Sep 2021
GST exemption for covid drugs

The council had earlier exempted immunosuppressant Tocilizumab and mucomycosis (black fungus) drug Amphotericin B from GST.

19:58 (IST)17 Sep 2021
Cancer related drugs

Cancer-related drugs to be brought down from 12% GST rate to 5%, finance minister Nirmala Sitharaman announced today.

19:55 (IST)17 Sep 2021
GST exemption for life saving drugs

GST exemption on several life-saving drugs, the Finance Minister said. The FM said that the exemption process earlier was tiring for patients. 

19:53 (IST)17 Sep 2021
FM presser begins

Finance Minister begins addressing media to announce GST Council decisions.

19:48 (IST)17 Sep 2021
GST council looks to increase revenue

Group of Ministers (GoM) to be formed to look at ways of shoring up revenue, GST Council Member from Goa tells CNBC TV18. The Finance Minister will announce the composition of GoM.

19:40 (IST)17 Sep 2021
Petrol and diesel not to come under GST

"None of the members were in favour of discussing bringing petrol diesel under GST right now," Mauvin Godinho, GST Council Member Goa told CNBC TV18.

19:34 (IST)17 Sep 2021
FM press briefing expected shortly

The 45th GST Council meet has reportedly concluded. Finance Minister Nirmala Sitharaman will address the media shortly.

18:43 (IST)17 Sep 2021
Zomato, Swiggy come under GST

Zomato and Swiggy will come under the Goods and Service Tax, CNBC TV18 reported ahead of Finance Minister's press briefing. 

18:41 (IST)17 Sep 2021
FM press conference delayed

Finance Minister Nirmala Sitharaman's press conference has been delayed as the GST Council meet is still in progress.

18:01 (IST)17 Sep 2021
Industry consultation important before brining it under GST

"Given the magnitude of change and the number of players involved in terms of restaurants, it is important that there is a proper consultation with industry before taking a decision,” said Pratik Jain, Partner, Price Waterhouse & Co, LLP.

16:49 (IST)17 Sep 2021
No to Petrol and Diesel under GST

The GST Council has said that it not the right stage to consider a discussion on the inclusion of petrol and diesel under GST, CNBC TV18 reported.

16:25 (IST)17 Sep 2021
Will oppose any move to curb states’ right to taxation: Ajit Pawar

While reports suggest Union Government may try and bring petrol and diesel under the GST regime,Maharashtra Deputy Chief Minister and Finance Minister Ajit Pawar has said any attempt by the Union government to alter tax structures that adversely impact states’ revenue generation will be opposed, The Indian Express reported.

16:02 (IST)17 Sep 2021
Finance Minister to address media at 6:30 PM

'Finance Minister, Nirmala Sitharaman, to address a media briefing on the outcomes of 45th GST Council meeting at 6:30 PM (tentative) in Lucknow today,' the Ministry of Finance tweeted.

16:01 (IST)17 Sep 2021
Stock markets end with losses

As Union Finance Minister chairs the GST Council, Dalal Street ended with losses, giving up all intra-day gains. Sensex and Nifty had earlier in the day scaled fresh all-time highs. 

15:36 (IST)17 Sep 2021
Finance Minister address media at 6 PM

Finance Minister Nirmala Sitharaman is likely to address the media at 6 PM today to announce various decisions taken by GST council.

14:39 (IST)17 Sep 2021
Petrol, Diesel under GST?

In June, the Kerala High Court, based on a writ petition, had asked the GST Council to decide on bringing petrol and diesel within the goods and services tax (GST) ambit.

13:38 (IST)17 Sep 2021
GST concession for Covid-19 drugs

GST council has decided to not levy tax on Amphotericin and Tocilizumab, according to CNBC TV18. Further, the council has decided to levy 5% GST on Remdesivir & 5% on Heparin according to the report. 

13:21 (IST)17 Sep 2021
Zomato, Swiggy to come under GST?

Of the two options suggested by the panel, the first will require maintaining two books of accounts (sales done through apps and other sales) by small eateries. In the second option, apps will be the deemed restaurant service provider. In this case, restaurants will bill to food delivery apps and collect GST while apps will charge GST on customers.

13:08 (IST)17 Sep 2021
Concessions on Covid-19 drugs may continue

The GST Council could extend concessions on certain drugs used in the treatment of Covid-19, said CNBC TV18. The GST council had earlier agreed upon concessions to help people fighting the covid-19 battle. 

12:00 (IST)17 Sep 2021
GST collections above Rs 1 lakh crore

In August, GST revenue collection stood at Rs 1.12 lakh crore. This was lower than the Rs 1.16 lakh crore collected in July but was still better than the year-ago period. 

11:31 (IST)17 Sep 2021
Finance Minister chairs GST Council meet

Finance Minister Nirmala Sitharaman and state finance ministers are today meeting for the 45th GST council meeting in Lucknow. This will be the first in-person meeting of finance ministers in almost two years. 

11:30 (IST)17 Sep 2021
GST on food aggregators aimed at improving compliance in sector

The GST Council fitment committee’s recommendation to bring food delivery apps such as Zomato and Swiggy within ambit of restaurant services and make them liable to pay the tax, is aimed at shifting the responsibility from restaurants to apps to make compliance easier and certain. However, the move will likely marginally increase the tax incidence on small restaurants otherwise exempt from GST (annual turnover less than Rs 20 lakh).

Read full story

READ IN APP
X
Switch to Hindi Edition