43rd GST Council Meeting: Highlights and Latest News Update

After a gap of 7 months, the 43rd GST council meeting was held on 28th May 2021. The meeting was chaired by Finance Minister Smt. Nirmala Sitharaman, Union Minister of State For Finance and Corporate Affairs Shri Anurag Thakur was also present at the meeting, besides the Finance Ministers of the states and union territories (UTs), and senior officers of both, The Ministry of Finance and the State of UTs.

43rd GST Council Meeting- Key Points

🎯 Import of COVID-related relief items, even if purchased or meant for donating to Govt. or to any relief agency upon recommendation of State authority, to be EXEMPTED from IGST till 31 Aug 2021.

🎯 Amphotericin B (required for treating Mucormycosis fungal infection) has also been included in the list of items EXEMPTED from IGST, in view of rising cases of the infection.

🎯 Like last year, GST Council felt that this is not the appropriate time for correction in Inversion duty, so this remains where it is.

🎯 To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fees To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of the scheme, with reduced late fees.

🎯 Late fees have also been rationalized Maximum amount of late fee has been reduced; will come into effect from future tax periods This will provide long-term relief for small GST Taxpayers.

🎯 Annual Return Filing will continue to be optional for 2020-21, for small Taxpayers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers with turnover of Rs. 5 Crore or more.

Also Read-

Circular No. 08/2021:- CBDT has extended certain timelines of Income Tax to 31st May 2021

Circular No. 09/2021:- Various Due Dates Extended For Income Tax Return, Tax Audit, TDS Statement

🎯 Law Committee will look into issues involving Quarterly Return Filing and Quarterly Payment, the modalities need to be worked out.

🎯 On GST compensation cess, same formula as last year to be adopted this year too Rough estimate is that Centre will have to borrow Rs. 1.58 Lakh Crore and pass it on to States.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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