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Home Business GST Council meet begins, may consider duty cuts on medical supplies

GST Council meet begins, may consider duty cuts on medical supplies

GST Council meet begins, may consider duty cuts on medical supplies
Image Source : PTI

The forty fourth assembly of the GST Council, the second this 12 months within the midst of the second wave of Covid pandemic, started on Saturday morning by means of video conferencing.

The forty fourth assembly of the GST Council, the second this 12 months within the midst of the second wave of Covid pandemic, started on Saturday morning by means of video conferencing.

The assembly is being chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are additionally current within the assembly.

The assembly is happening after the forty third assembly of the Council on May 28 introduced a sequence of duty concessions on Covid reduction gadgets along with leisure of compliance measures for taxpayers.

At the final assembly of the Council, it was determined to type a bunch of ministers (GoM) to look at the necessity for additional reductions and resolve on any new charges for medical tools and vaccines.

The assembly is predicted to consider suggestions of the GoM whereas provide extra compliance leisure to taxpayers.

It may additionally announce few measures to right the inverted duty whereas focus on the compensation cess dues arising in 2021-22 resulting from a attainable shortfall in cess collections.

Two different vital gadgets together with decreasing of GST charges for 2 wheelers and bringing pure fuel into the oblique tax fold may even be included within the agenda for dialogue.

Sources mentioned sure states like Punjab have sought GST duty lower on important medical supplies meant for Covid therapy. The council may accordingly focus on a number of the measures like decreasing GST or exempting from duty of Corona virus associated gadgets like hand sanitisers, face masks, gloves, PPE Kits, temperature scanners, oximeters, sure Covid medicines and ventilators amongst others primarily based on recommendations of the GoM.

The assembly can be to take political color with few opposition dominated states like West Bengal, Punjab have been pushing for exempting Covid vaccine from GST. The finance ministry has been opposing such a transfer that may deny the profit enter tax credit score for producers.

Also, the GST compensation for FY22 is predicted to dominate the discussions of the Council with States searching for greater compensation within the wake of fall in tax income anticipated this 12 months resulting from pandemic associated disruptions and lockdowns in varied components of the nation.

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