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45th GST Council meet Live Updates
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Petrol will not come under the ambit of GST, says finance minister Nirmala Sitharaman
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GST rate on biodiesel (supplied to oil marketing companies for blending with diesel), reduced from 12 per cent to 5 per cent.
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GST on retro-fitment kits for vehicles used by Divyang/Persons with Disabilities reduced to 5 per cent.
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GST rate on fortified rice kernels which can be used in schemes like Integrated Child Development Services Scheme has been reduced from 18 per cent to 5 per cent, says Finance Minister
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GST Council Has Made two Groups of Ministers
Finance Minister said that two groups of ministers will be constituted to look into certain changes in the GST regime.
a) One group will be looking at rate rationalization issues and submit a report in two months.
b) The second group will look into related issues of e-way bills, fastags, technology, compliance, composition schemes. They, too, will submit a report in 2 months.
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GST rate changes will be done to correct Inverted duty structure anomalies in footwear and textile sectors, to be implemented from January 1, 2022, says FM. This was as discussed earlier by Council, then deferred, correction was done only for mobile phones, she added.
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GST on pen parts is 18 per cent, while certain kinds of pens are charged 12 per cent. It has been decided to correct this inversion by making rate on all pens and pen parts to 18 per cent.
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Divakar Vijayasarathy, Founder & Managing Partner, DVS Advisors LLP
The outcome of the GST council meeting is more on expected lines without any major surprises. The fact that states are not going to accept bringing in petrol and diesel under GST was on expected lines, given the fact that VAT on these products is the major source of revenue for the states.
