Recommendations of 45th GST Council Meeting: Press Release
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- By Taxmann
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- Last Updated on 20 September, 2021
Latest from Taxmann
Dated September 17, 2021
The GST Council’s 45th Meeting was held on September 17, 2021. In this regard, a press release was issued to provide various recommendations. Few of the recommendations are summarized below:
(a) Reduction of GST rate to 5% on more Covid-19 treatment drugs such as Favipiravirv, Infliximab, etc. & Concessional GST rates on drugs which was currently valid till 30th September, 2021 is extended up to 31st December, 2021
(b) Services by cloud kitchens/central kitchens to be covered under ‘restaurant service’ and would attract GST @ 5% (without ITC)
(c) Overloading charges at toll plaza are exempt from GST being akin to toll
(d) Relaxation in requirement of filing Form GST ITC-04 – Taxpayers with annual aggregate turnover in preceding financial year upto Rs. 5 crores would be required to furnish ITC-04 annually; and others half yearly
(e) Interest to be charged @ 18% on ineligible ITC availed and utilized w.e.f. 01.07.2017
(f) Clarifications to be followed on ongoing issue of ‘scope of intermediary services’
For more, follow the link to open the press release.
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