Updated: September 2, 2021 11:05:32 am
The GST Council will meet on September 17 at Lucknow, the Finance Ministry said on Wednesday. The Council is expected to review concessional rates on Covid-related essential items and discuss the compensation structure going ahead.
“Finance Minister Smt @nsitharaman will chair the 45th meeting of the GST COUNCIL on 17th September at Lucknow,” the ministry tweeted Wednesday. The previous Council meeting was held via video conferencing on June 12, during which tax rates on various Covid essentials were reduced till September 30.
Goods and Services Tax (GST) rates were slashed on Covid drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, and oxygen concentrators other Covid essentials.
States are guaranteed compensation under GST for the revenue gap between actual collections and the protected amount based on 14 per cent compounded rate from base year 2015-16 for five years of GST rollout till June 2022.
The states and Centre had opted for back-to-back loans to borrow funds to meet the compensation requirement.
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