“Exciting Updates from the 45th GST Council Meeting – Find out the key changes in GST rates! Stay informed about the latest developments in the economy for UPSC, UP PCS, and HPSC exams.”
Q1: When was the 45th GST Council Meeting held?
A1: The 45th GST Council Meeting was held on September 17, 2021.
Q2: What are some of the key highlights of the changes in GST rates announced during the meeting?
A2: Some key highlights include the reduction of GST rates on textiles and footwear, exemption of Covid-19 related supplies from GST, and the extension of the concessional GST rates on Covid-19-related supplies.
Q3: What is the new GST rate on textiles following the 45th GST Council Meeting?
A3: The GST rate on textiles has been reduced from 12% to 5%.
Q4: How will the changes in GST rates impact the economy?
A4: The reduction in GST rates on textiles and footwear is expected to boost consumption and demand in these sectors, leading to overall economic growth.
Q5: What decision was taken regarding the exemption of GST on Covid-19 related supplies?
A5: The GST Council decided to exempt the import of relief items such as medical oxygen, oxygen concentrators, and Covid-19 vaccines from IGST till December 31, 2021.
Q6: How will the extension of concessional GST rates on Covid-19-related supplies benefit the public?
A6: The extension of concessional GST rates on Covid-19-related supplies will make these essential items more affordable for the public during the ongoing pandemic.
Q7: What other significant changes were announced during the 45th GST Council Meeting?
A7: The Council also announced a slew of measures to simplify GST compliance procedures, including the introduction of automated e-invoicing, simplification of annual returns, and various amendments to GST rules.
Q8: How will the changes announced during the 45th GST Council Meeting impact the revenue collection for the government?
A8: The reduction in GST rates on certain items may lead to a temporary decline in revenue collection for the government, but it is expected to stimulate demand and ultimately benefit the economy in the long run.
The 45th GST Council meeting was held recently and several key changes in the GST rates were announced. One of the major highlights of the meeting was the decision to keep the tax rates on COVID-19 vaccines, medicines, and oxygen concentrators unchanged. This decision will help in making these essential medical items more affordable for the general public during the ongoing pandemic. Additionally, the council decided to reduce the GST on specific medicines used in the treatment of black fungus from 12% to 5%. This move will provide relief to patients suffering from this deadly fungal infection.
Furthermore, the council also announced a reduction in GST rates on various COVID-19 related essentials like ventilators and BiPAP machines from 12% to 5%. This decision is aimed at ensuring the availability of these life-saving medical equipment at affordable prices for the people in need. Additionally, the GST rates on ambulances have also been reduced from 28% to 12%. This move will help in making emergency medical services more accessible and affordable for the general public.
In a bid to provide relief to small businesses, the council announced a reduction in the GST rates on items like Hand sanitizers, pulse oximeters, and temperature check equipment from 18% to 5%. This decision will benefit small businesses and help in reducing the cost of these essential items for the consumers. Furthermore, the GST rates on certain COVID-19 related drugs like Tocilizumab and Amphotericin B have been reduced from 5% to nil. This will ensure that these critical drugs are available to patients at lower prices.
The council also decided to extend the waiver of late fees for filing GSTR-3B for the months of May and June in states where lockdown restrictions are in force. This will provide relief to businesses that are facing difficulties in complying with GST requirements due to the pandemic-induced restrictions. Additionally, the council announced an amnesty scheme for small taxpayers with late fees up to Rs. 1,000. This scheme will provide relief to small taxpayers who have been facing challenges in filing their GST returns on time.
Overall, the 45th GST Council meeting witnessed several key changes in the GST rates aimed at providing relief to businesses and consumers during the ongoing pandemic. The decisions taken by the council will help in making essential medical items more affordable, ensuring the availability of life-saving medical equipment, and providing relief to small taxpayers. These changes will have a positive impact on the economy and help in mitigating the impact of the pandemic on businesses and individuals.
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