43rd GST Council Meeting Decision: Highlights and News Updates
The 43rd GST council meeting was held on 28th May 2021. The GST Council has met after more than six months. The meetings were chaired by Finance Minister Smt. Nirmala Sitharaman, Union Minister of State for Finance and Corporate Affairs Shri Anurag Thakur was also present at the meeting, besides the Finance Ministers of the states and union territories (UTs), and other senior officers of both, the Ministry of Finance and the States and UTs.
Also, the Council decided to conduct a special session to discuss how compensation cess will be collected beyond 2022 to be held in later months.
Highlights of the 43rd GST Council decision.
- The Council decided to keep the GST rate of 5% as it is on COVID vaccines. Also, the Council ruled out the possibility of notifying COVID related relief materials as zero-rated goods.
- 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.
- A Group of Ministers (GoM) to be formed by 29th May 2021 and submit a report by 8th June 2021 on the need for further reductions and decide on any new rates in exemptions.
- A GST Amnesty scheme has been announced for small taxpayers who delayed GSTR-3B filing to reduce the late fee. Also, the maximum late fee for small taxpayers is reduced for GST Returns to be filed in future.
- The due dates for IFF and GSTR-1 filing for May 2021 are extended by 15 days. Also, the due date for GSTR-4 for FY 2020-21 and ITC-04 for Jan-Mar 2021 is extended up to 31st July 2021 and 30th June 2021, respectively.
- The late fee waiver and interest reduction have been announced for GSTR-3B or PMT-06 filing for March, April and May 2021 and CMP-08 submission for Jan-Mar 2021 for taxpayers.
- Now, the taxpayers can cumulatively apply CGST Rule 36(4) for April, May and June 2021 while filing GSTR-3B of June 2021.
- GST Annual Return (GSTR-9) filing is rationalised and continues to be optional for 2020-21 for small taxpayers with turnover up to Rs.2 crore. Also, GSTR-9C (Reconciliation statement) to be still applicable for taxpayers with an annual turnover of equal to or more than Rs.5 crore, allowing self-certification.
- Companies can continue filing GST returns using EVC instead of digital signature till 31st August 2021.
- The time limit for completing compliances and taking actions under the GST law which were due between 15th April 2021 to 29th June 2021, stands extended up to 30th June 2021.
- The Quarterly Return Quarterly Payment (QRQP) scheme to be introduced based on the law committee’s suggestions and modalities worked out.
- The Council discussed the GST Compensation cess at length, and it is decided to adopt the same formula as last year. The Centre will borrow Rs.1.58 lakh crore to meet the shortfall in GST Cess.
- The Council did not pick up the GST rate revisions related to the Inverted tax structure for discussion.
As economic uncertainty persists, states also want to explore extending the GST compensation question beyond July 2022 in the Council.
Several states have accused the federal government of failing to meet with the GST Council at least once a quarter, as required by the Constitution.
FAQ’s and Answers :-
- 44th GST Council meeting date for 2021?
not yet fixed
2. latest gst council meeting updates?
43rd GST council meeting has been taken place.
3. Petrol and Diesel cover up GST?
Not yet and no discussion on Petrol and diesel
4.is it leviable late fees from starting ?
No, only pending GST return Filing
5. Are Taxpayers happy with gst council meeting decision?
No, Taxpayers have not received any benefit of GST Council meeeting.
6. Is GST Council meeting consider QRMP and make changes ?
yes, GST council will make changes in QRMP Scheme and improve in future.
7. 44th GST Council meeting decisionin 2021?
GST Council has not decided any decision for 44th GST Council meeting 2021.