Key Takeaways of 43rd GST Council Meeting held on 28th May, 2021
The 43rd GST Council meeting took place on 28th May, 2021 via video conferencing.
The key takeaways of the meeting are:
a) In order to provide relief to the small taxpayers, an amnesty scheme has been recommended for reducing late fees payable.
b) Annual Return in FORM GSTR-9 will remain optional for small taxpayers for FY 2020-21
c) Import of COVID-related relief items including AmphotericinB (required for treating Mucormycosis), 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 31st August 2021
d) Group of Ministers to be formed quickly (by tomorrow), who will submit report by 8 June 2021; to examine need for further reductions & decide on any new rates in exemptions
Relief of GST Late fees in a nutshell