Highlights of the 43rd GST Council Meeting

Highlights of the 43rd GST Council Meeting

1. Centre has decided to keep 5% GST Rate on COVID Vaccines.

2. GST exemption has been provided on import of all COVID relief materials and medicines (including free of cost) till 31st August 2021; Also, the medicine for Black fungus – Amphotericin B is included in the exemption list.

3. Group of Minister has been formed to submit the report by 8th June, 2021 on the need for further reductioin and decide on a new rates in exemption list.

4. Amnesty scheme has been launched to reduce the Late Fees for small taxpayer who delayed GSTR-3B Filing.

5. Due Dated for IFF and GSTR-1 filing for May-21 are extended by 15 days.

6. Due Dated for GSTR-4 for FY 2020-21 and ITC-04 for Jan-Mar is extended till 31st July and 30th June respectively.

7. GST Annual Return (GSTR-9) filing is continues to be optional for 2020-21 for small taxpayers with turnover up to Rs.2 crore.

8. GSTR-9C to be applicable for taxpayers with an annual turnover of equal to or more than Rs.5 crore.

9. Companies can continue filing GST returns using EVC instead of digital signature till 31st August 2021.


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