GST Council Meeting: After repeated postponement due to Corona virus, the GST Council meeting took place on Friday, in which many important decisions related to Corona were taken. The most important decision is the exemption from GST imposed on the import of relief goods during the Corona period. Let’s know about the decisions.
GST Council Meeting: About 7 months later, the 43rd meeting of the GST Council was held on Friday. Due to Corona, the GST Council meeting was repeatedly deferred. In this meeting, the impact on the economy of the states from Corona has also been discussed. In the first meeting of this year’s GST Council, the government has taken several important decisions. Let us know what decisions were taken in the meeting of the GST Council.
- The same formula for GST compensation will be adopted this time as last year. It is estimated that the Center will have to borrow about Rs 1.58 lakh crore and it will be given to the states.
- Annual return filing has also been made easier. The Council has decided that the CGST Act will be amended to allow self-certification of the reconsolidation statement, rather than requiring it to be certified by a chartered accountant.
- The process of filing annual returns for younger employees for FY 2020-21 will continue. This is for those whose turnover is less than Rs 2 crore. Businesses whose turnover is 5 crores or more, they will have to give a Reconciliation statement for the financial year 2020-21.
- 4500 crore has been given to two vaccine manufacturers as advance payment. India is currently negotiating with Japan, Europe’s vaccine manufacturers and suppliers, due to which the vaccine supply will increase in the coming days.
- Taxpayers can now file a pending return and take advantage of the amnesty scheme with reduced late fees.
- A new arrangement has also been made regarding late fees. Reduced the maximum late fee for small taxpayers, which will be effective from the next tax period. This will provide big relief to small taxpayers.
- The GST Council has realized that this is not the right time to make any changes in inversion duty, so it is being left unattended.
- In the council meeting, it has been decided to form a group of ministers, which will give a report within 10 days before June 8, whether there is scope for further reduction in the rates fixed. Whatever will be possible will be deducted.
- This time, the GST Council meeting discussed in detail about the equipment related to the corona.
- If you are asking for relief items to be distributed among the needy and the state has given permission, then even then you will get exemption from GST on its imports.
- The Council has decided that the import of relief items should be relaxed and extended it till 31 October 2021.
- The import exempted category also includes Amphotericin B, a black fungus drug.
