Key highlights of 43rd GST Council meet

Key highlights of 43rd GST Council meet

The 43rd Council meeting of GST was held on 28th May 2021 . Many important points were discussed in the meeting. Below mentioned is summary of all the importatnt points.  

· The council met for he first time in around eight months; the last meeting was held in October last year.

· Centre to borrow Rs 1.58 lakh croreto meet states' compensation demand this fiscal.

· In order to provide relief to small taxpayers an amnesty scheme has been recommended by council for reducing the late fee payable in these cases. This decision is welcomed by all taxpayers.

· Amphotericin-B(used in treatment of black Fungus) is added in exemption list.

· The Council has decided to exempt the import of relief items even if they are purchased, if these are meant for donating to the government, or on recommendation of any state government to any relief agency. This exemption is extended till August 31, 2021.

· A special session will be held to discuss compensation cess alone as we are in the last of the five years of the 14 percent compensation-protected revenue arrangement. At the session, a decision will be taken on whether the compensation cess will be extended beyond July 1, 2022, how it will be collected, how much it will be, etc.

· To ease the compliance burden, annual return filing will continue to be optional for FY 2020-21 for small taxpayers, having a turnover of less than Rs 2 crore.

· Reconciliation statements for FY 2020-21will only have to be furnished by taxpayers whose turnover is Rs 5 crore or more.

· Council has recommended amendments to the CGST Act to allow self-certification of reconciliation statements instead of getting them done by chartered accountants.

· As for QRMP, the modalities of the scheme need to be worked out and the law committee will be looking into the matter.

Amnesty Scheme - Relief in Late Fees for taxpayers


Period

GST Liability

Late Fees (Per Return)
   
July 2017 to April 2021   
   
No   
   
Rs. 500 (Rs. 250 each for CGST and SGST)   
   
July 2017 to April 2021   
   
Yes   
   
Rs. 1000 (Rs 500 each for CGST and SGST)   

Press release Link :

https://www.cbic.gov.in/resources//htdocs-cbec/press-release/PRESS_RELEASE_43.pdf

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