Connect with us

Latest News

GST rates for these items has been revised. Did you know?

Published

on

Following the 45th GST Council Meet on Friday, in Lucknow, a number of goods and commodities saw a revision of GST rates. It should also be noted that the GST Council, under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman decided to extend the existing concessional GST rates on the supply of goods and services in relation to GST law and procedures.

One such important change was that of the concessions on the GST rates introduced for the Covid-19 treatment drugs till December 31, 2021. The council also felt that it was not the right time t include petrol or diesel under the GST, quelling the concerns and speculations that surrounded the topic ahead of the meeting.

As per a statement made by Sitharaman after the press briefing, it was revealed that the GST Council members did not want petroleum products to be included under the GST and the only reason that it did come on the agenda of the meeting was due to the Kerala High Court’s order where it suggested that matter should be taken up by the council during the meeting.

With that in mind, here are the revised concessional GST Rates going forward.

  • Remdesivir – 5 per cent concession
  • Tocilizumab -nil
  • Anti-coagulants like Heparin – 5 percent concession

Newly Slashed GST rates of 5 percent on other Covid-19 treatment drugs up to December 31, 2021

  • Itolizumab
  • Posaconazole
  • Infliximab
  • Favipiravir
  • Casirivimab & Imdevimab
  • 2-Deoxy-D-Glucose
  • Bamlanivimab and Etesevimab

Major Recommendations on GST Rate Changes for Goods (Effective from October 1, 2021)

GST Rates that were Slashed

  • Retro fitment kits for vehicles used by the disabled – GST rate slashed to 5 percent
  • Fortified Rice Kernels for schemes like ICDS etc. – GST slashed from 18 percent to 5 percent
  • Medicine Keytruda for treatment of cancer – GST slashed from 12 percent to 5 percent
  • Biodiesel supplied to OMCs for blending with Diesel – GST slashed from 12 percent to 5 percent
  • IGST on import of medicines for personal use (Zolgensma for Spinal Muscular Atrophy, Viltepso for Duchenne Muscular Dystrophy, Other medicines used in treatment of muscular atrophy recommended by Ministry of Health and Family Welfare and Department of Pharmaceuticals) – GST slashed from 12 percent to Nil GST
  • Unintended waste generated during the production of the fish meal except for Fish Oil – Nil GST for the period of July 1, 2017, to September 30, 2019.
  • IGST exemption on goods supplied at Indo-Bangladesh Border haats – Nil GST

GST Rates that were Hiked

  • Ores and concentrates of metals such as iron, copper, aluminium, zinc and few others – GST rates hiked from 5 percent to 18 per cent
  • Specified Renewable Energy Devices and parts – GST rates hiked from 5 per cent to 12 per cent
  • Cartons, boxes, bags, packing containers of paper etc. GST rates hiked from 12/18 percent to 18 per cent
  • All kinds of pens – GST increased from 12/18 per cent to 18 per cent
  • Railway parts, locomotives and other goods in Chapter 86 – GST rates hiked from 12 per cent to 18 per cent
  • Miscellaneous goods of paper like cards, catalogue, printed material (Chapter 49 of tariff) – GST rates hiked from 12 per cent to 18 per cent
  • Waste and scrap of polyurethanes and other plastics – GST rates hiked from 5 per cent to 18 percent

Another important factor that was discussed was the hike in GST rates levied against online food delivery platforms such as Swiggy and Zomato. The GST hike against these platforms was 5 percent at the point of delivery, which translates to higher prices when ordering food via the delivery giants.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Navi Mumbai Industrial Unit Fire Doused After 10 Hours

Published

on

No casualties reported as firefighters battle blaze at chair manufacturing unit in Gotheghar.

Fire

A major fire broke out at a chair manufacturing unit in Gotheghar’s Army Industrial Area on Monday afternoon, keeping fire officials busy for nearly 10 hours. Fortunately, no casualties were reported.

The fire was reported to the Navi Mumbai Municipal Corporation (NMMC) Disaster Management Cell at around 2:40 pm. The blaze erupted at a unit located at Hamdhan Park along the Mumbra-Panvel Highway. The intensity of the fire and the presence of highly combustible materials made the operation challenging. Firefighters from different stations rushed to the spot with 16 fire tenders and water tankers and worked continuously to prevent the flames from spreading.

After several hours of firefighting, the blaze was finally brought under control at around 1 am on Tuesday. The fire caused extensive damage inside the industrial unit. Plastic, foam, rexine, chemicals, thinner drums, electrical wiring, furniture, chairs, fans, air conditioners and office equipment were among the materials reportedly destroyed.

Officials said the situation was brought under control after a prolonged operation and confirmed that no one was injured or killed in the incident. The incident once again highlights the challenges faced by firefighters while dealing with industrial fires, particularly when units contain large quantities of combustible materials. Authorities are expected to assess the extent of the damage and determine the cause of the fire.

Continue Reading

Latest News

Navi Mumbai Housing Societies Explore Redevelopment Options at Vashi Exhibition

Published

on

Over 1,500 societies and 2,000 citizens attend event to understand redevelopment process

The Redevlopment

Redevelopment is becoming an important option for several ageing housing societies in Navi Mumbai, with residents looking for better homes and improved facilities. To help them understand the process, a redevelopment exhibition was organised at the CIDCO Exhibition Centre in Vashi.

The second edition of the Ease of Doing Redevelopment (EODR) exhibition, organised by CREDAI-MCHI Youth NMR, attracted representatives from around 1,567 housing societies, more than 35 developers and over 2,000 citizens.

The event gave housing society members an opportunity to interact directly with developers and discuss their individual requirements. Experts also provided guidance on key aspects such as redevelopment potential, project feasibility, financial planning, legal procedures and checking a developer’s track record. For many society members, redevelopment can be complicated, with questions about costs, additional space, project timelines and the credibility of developers. The exhibition brought various stakeholders together under one roof, allowing residents to get answers and compare options based on their society’s needs.

Organisers said the previous edition, held last year, attracted around 800 to 1,000 societies, with several projects subsequently moving towards redevelopment. Experts stressed that every housing society has different requirements and that redevelopment decisions should be taken only after carefully examining technical, financial and legal aspects.

The strong response this year reflects the growing interest among Navi Mumbai residents in upgrading ageing buildings and creating more modern and better-equipped living spaces.

Continue Reading

Latest News

Navi Mumbai Faces Water Supply Concerns as Morbe Dam Storage Remains Low

Published

on

Concerns grow over future supply as demand rises and water wastage continues.

The Dam Storage

Concerns over Navi Mumbai’s water supply are growing as the water level in Morbe Dam remains below its full capacity, raising questions about the city’s preparedness for the coming months. The Navi Mumbai Municipal Corporation (NMMC) had earlier introduced water cuts amid concerns over inadequate rainfall. However, the restrictions were later withdrawn following improved rainfall during July and the festive season.

According to the report, some civic representatives have questioned whether withdrawing the cuts was appropriate when the dam’s available storage remains a concern. They have urged the civic administration to keep future water requirements in mind while planning supply. The issue is also linked to the increasing demand from surrounding areas. Navi Mumbai reportedly supplies around 60 million litres of water every day to parts of Panvel, including Kharghar, Kalamboli and Kamothe. With these areas expanding rapidly, pressure on available water resources is increasing.

Water consumption and wastage have also become concerns. While the recommended supply is around 150 litres per person per day, consumption in some areas is reportedly close to 200 litres. Wastage has also been observed in some CIDCO colonies and housing societies. Residents could face stricter water restrictions if rainfall remains insufficient. The report suggests that the NMMC should closely monitor Morbe Dam levels and plan distribution according to actual availability.

With water demand continuing to rise, careful management and responsible use of water will be important to avoid shortages in the months ahead.

Continue Reading

Trending