GST Rates Reduced on Certain Medicines, Biodiesel, Nirmala Sitharaman Says 'Council Feels Not The Time to Bring Petrol, Diesel Under GST'; Check Revised Rates

New Delhi, September 17: Finance Minister Nirmala Sitharaman on Friday chaired the 45th meeting of the Goods and Service Tax (GST) Council in Lucknow. Sitharaman announced several key decisions and GST rate cuts including that on locomotives and certain railway parts, medicines used in the treatment of cancer and COVID-19, and also announced a decision on rationalising the inverted duty structure. After the 45th GST Council meeting in Lucknow, Sitharaman said that concessional GST rates on COVID-19 related drugs, which were till September 30, has now been extended till December 31.

The Finance Minister added that the GST Council felt it isn't time to bring petroleum products under the GST regime. Adding further, she said that the GST rate on biodiesel which is supplied to oil marketing companies for blending with diesel has also been reduced from 12% to 5%. Sitharaman said that GST rate on biodiesel which is supplied to oil marketing companies for blending with diesel have also been reduced from 12% to 5%.

"Amphotericin B - nil rate, Tocilizumab -nil rate, Remdesivir-5% , anticoagulants like Heparin - 5%. These concessional rates which were valid till September 30th are now being extended till 31st December 2021", Sitharaman said during the press meet. "Similarly, cancer-related drugs - Keytruda - along with similar other medicines used in the treatment of cancer as per Health Ministry or Dept of Pharmaceuticals are being recommended that they should come down from 12% to 5%", Sitharaman added.

(The above story first appeared on LatestLY on Sep 17, 2021 09:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).