GST Council Meeting: Will FM Make COVID Goods Tax Free?

New Delhi: The 43rd Goods and Services Tax (GST) Council meeting, which will be chaired by Union Finance Minister Nirmala Sitharaman, started on Friday at 11 a.m. 

According to the finance ministry, the meeting will be held via video conference. In the event of a second wave of the corona pandemic, the GST Council is anticipated to consider critical topics such as compensation to states, tax exemption on certain pharmaceuticals, medical gadgets, and health services, according to the report. 

Reduced GST rates for two-wheelers, as well as the introduction of oxygen indirect tax charges, are likely to be on the table too. The topic of bringing oil under GST will also be examined, according to reports.

The meeting, which will be presided over by Union Finance Minister Nirmala Sitharaman, is expected to be chaotic. Finance Minister Anurag Thakur will be present at the meeting. Finance ministers from the states and union territories, as well as top officials from the states, will attend the meeting. Last year's 42nd GST Council meeting took place on October 5th. The meeting made a number of important recommendations, including paying compensation to states and simplifying the GST return filing procedure to make it easier for taxpayers to comply.