LUCKNOW: The 45th Goods and Services Tax (GST) Council meeting, which will take place in Lucknow today, has everyone’s attention. This will be the first time in 20 months that the GST council will convene in person. All GST Council meetings were held virtually after December 18, 2019.
The 45th GST Council meeting will be chaired by Finance Minister Nirmala Sitharaman at 11 A.M. today in Lucknow, according to a tweet from the Ministry of Finance.
Tax rates on several Covid-19 medications and basics were cut till September 30 at the last meeting on June 12.
According to tax experts, given the current condition of the Covid-19 issue, bringing petro items inside GST will be a difficult decision for both the Centre and the states.
GST stands for “single tax” applied throughout India, including a set-off provision for input tax. While the Constitutional Amendment Act on GST included crude oil, petrol, diesel, natural gas and Aviation Turbine Fuel in its scope, it left these items in “Non-GST” goods.