Summary:
In the important meeting of the Goods and Services Tax Council (GST Council) chaired by Union Finance Minister Nirmala Sitharaman, the Council may discuss bringing petrol and diesel under the purview of GST.
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The 45th meeting of the GST Council under the chairmanship of Finance Minister Nirmala Sitharaman has started in Lucknow.
In this, the tax rate on more than four dozen items can be reviewed.
It may also decide to extend the tax exemption on 11 drugs related to Covid-19 till December 31, 2021.
In the important meeting of the Goods and Services Tax Council (GST Council) chaired by Union Finance Minister Nirmala Sitharaman, the Council may discuss bringing petrol and diesel under the purview of GST.
Also, apart from discussing the options of GST compensation on the revenue loss of the states, a decision can also be taken to levy tax on services related to food supply, increase GST rates on some items and reduce it on some.
At the same time, concessions on essential goods related to Kovid-19 can be extended till December 31.
Apart from this, the tax on cancer related drugs can be reduced from 12 percent to 5 percent.
The agenda was discussed in the meeting of officials on Thursday.
Sources said that the rising prices of petrol and diesel before the assembly elections of five states are a matter of concern for the central and state governments.
The central government has been advocating for bringing petrol and diesel under the purview of GST for a long time.