The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.
“GST Exemption to some COVID-19 supplies till 31st August 2021”.
“GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June”.
“Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities”.
“Annual Return filing to continue to be optional for Small Taxpayers”.
“GST Amnesty Scheme for all Small Taxpayers (MSME). The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers- Due to Covid-19 pandemic:- Pending GSTR-3B returns from July-2017 to April 2021. Amnesty scheme could be from 1st June 2021 till 31st August 2021″.
COVID-19 RELIEF
As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency. This exemption shall be valid upto 31.08.2021. Hitherto, IGST exemption was applicable only when these goods were imported “free of cost” for free distribution. The same will also be extended till 31.8.2021. It may be mentioned that these goods are already exempted from Basic Customs duty. Further in view of rising Black Fungus cases, the above exemption from IGST has been extended to Amphotericin B.
Further relief in individual item of COVID-19 after Group of Ministers (GoM) submits report on 8th June 2021.
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Blog source : GST Council official
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