The upcoming council meet under GST shall decide the destiny of the national anti-profiteering authority (NAA) whose tenure ends in Nov. Apart from that, the department will also discuss extending the concessional rates towards the medicines concerned to the drugs which consist of Remdesivir in the next 3 months.
FM Nirmala Sitharaman has decided that if the tenure of NAA shall get completed post-Nov 30 and rather than the competition commission of India (CCI) or the other council can be assigned, it is essential.
The authority shall meet physically for the 1st time in 20 months in Lucknow shall discuss providing the petroleum products in GST compliance excluding the deliberation on GST rate amendment and the clarifications upon specific objects suggested through the fitment panel.
Indeed, towards the extension of the compensation period towards the lower filing of GST, a brief presentation shall be built in which the cases shall get mentioned post-June 2022 and the choice which shall be recognized to fill the loss of GST shortfall.
The union shall display its experience that GST revenues will perform effectively as per the expectations in this year and the compensation cess of Rs 1 trillion shall get delivered to the states. Apart from that, the amount of Rs 1.59 trillion borrowed shall more than cover the gap and will partially reimburse for the arrears of the last year.
The platform of NAA has been built up for the 2 year period to Nov 2019 to ensure that any deduction in the tax price on the supply of goods and services or the advantage of ITC will be permitted to the recipient through the method of the corresponding decline in the costs.
On the Table
- Prolonging the concessional prices on the covid drugs which consist of Amphotericin B, Tocilizumab, and Remade Sivir till 31st December.
- The decline in the GST prices from 12% to 5% on the seven drugs like Itolizumab, 2-Deoxy-D-Glucose, and Favipiravir.
- Diminishing the GST prices upon the biodiesel provided to the oil marketing firms for mixing with diesel from 12% to 5%.
