Key Highlights of 43rd GST Council Meeting
The Goods and Services Tax Council met today for its first meeting in nearly seven months and has made some crucial announcements
The biggest decision was on reducing the compliance burden on taxpayers, Finance Minister Nirmala Sitharaman, who chaired the 43rd meeting of the Council, said. To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fee, she said. This is likely to benefit around 89% of those who pay GST.
The issue about extending the GST Compensation period, which was widely expected to dominate the discussions, will be taken up at another meeting, Sitharaman said.
Key Highlights:
- Import of Covid-related relief items exempt from IGST till Aug. 31.
- AmphotericinB, used for treating Mucormycosis, will also be exempt from IGST.
- Group of ministers to review exemption requests on further Covid-related items like vaccines and ventilators. GoM to be constituted tomorrow.
- Annual return filings will continue to be optional for small taxpayers for FY21.
- Rate decisions on items ranging from MRO units of ships to shipping to annuity payments received as deferred payment for construction of road. (Read more)
- Compensation cess payable to states this year is Rs 2.7 lakh crore of which Rs 1.58 lakh crore will be given to them via back-to-back loans. Same formula as last year to apply.
- Separate meeting to be held to discuss states’ demands regarding extension of compensation period beyond FY22.
Official Press Release from CBIC is stated below:
New Grounds For Cancellation of Registration under GST
Strike off of Company Without Filing of Annual Returns
Strike off of Company Without Filing of Annual Returns