50th GST Council: Reduced, Regularised and Exempted Goods under GST

The Union Finance Minister Nirmala Sitaraman presided over the 50th meeting of the GST Council on 11th July 2023 at Vigyan Bhawan in New Delhi including Revenue Secretary, CBIC chairman.

Read more : 50th GST Council Meeting: Key Highlights

The GST Council made many recommendations relating to GST rates on Goods. It was categorised into exempted, regularised and reduced by the council.

GST rate Exempted Goods by the GST Council:

1. Dinutuximab (Quarziba) medicine when imported for personal use.

2. Medicines for Rare Diseases and food for special medical purposes (FSMP) used in the treatment of rare diseases when imported for personal use subject to current limitations.

3. A similar exemption from IGST is being given to FSMP when it is imported by Centres of Excellence for Rare Diseases or any other person or organization on the advice of any of the listed Centres of Excellence.

4. Imports of gold, silver or platinum and update the list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of Foreign Trade Policy 2023.

GST rate Regularised goods by the GST Council

To regularize the matters relating to trauma, spine and arthroplasty implants for the period prior to 18.07.2022 on “as is basis” in view of genuine interpretational issues.

1. To regularize the matters relating to dessicated coconut for the period 1.7.2017 to 27.7.2017 on “as is basis” in view of genuine interpretational issues.

• To include RBL Bank and ICBC bank in the list of specified banks.

• To include all utility vehicles by whatever name called provided they meet the parameters of Length exceeding 4000 mm, Engine capacity exceeding 1500 cc and having Ground Clearance of 170 mm & above.

• Regularised GST rate on Trauma, spine and arthroplasty implants for the period prior to 18.07.2022 on “as is basis” in view of genuine interpretational issues.

• Regularised GST rate on Plates and cups made of areca leaves prior to 01.10.2019.

• Regularised GST rate on biomass briquettes for the period 01.7.2017 to 12.10.2017.

GST rate Reduced Goods by the GST Council

1. Reduced GST rate on uncooked/unfried snack pellets, by whatever name called, to 5% and to regularize payment of GST on uncooked /unfried snack pellets during the past period on “as is basis”.

• Reduced GST rate of imitation Zari thread or yarn known by any name in trade parlance from 12% to 5% and to regularize payment of GST.

• Reduced GST rate on LD slag from 18% to 5% to encourage better utilisation of this product and for protection of environment.

• Reduced GST rate on fish soluble paste from 18% to 5% and to regularize payment of GST on fish soluble paste.

The GST Council inter-alia made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST.

Read More: 5% GST on Foods Served in Cinema Halls: GST Council

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates