GST Council Meeting Updates & Highlights

The 43rd GST Council meeting chaired by Finance Minister Nirmala Sitharaman met after almost 7 months on 28th May 2021.
The top priority of the meet seemed to be taxes on Covid-related goods, vaccines, and drugs.

Here are the key highlights of the 43rd GST council meet.

  • COVID-19 and Black Fungus related medical goods including Amphotericin B to be given full exemption from IGST upto 31 August 2021

  • Cut GST compliance burden on small and medium Taxpayers

  • Maintain status-quo for GST rate of 5% as it is on COVID vaccines

  • Group of Ministers (GoM) to be formed by 29th May 2021. A report to be submitted by 8th June 2021 for the need to further reduce, decide on new rates for exemptions

  • GST Amnesty scheme announced for small taxpayers who delayed GSTR-3B filing, to reduce the late fee. Also, the maximum late fee for small taxpayers reduced for GST Returns to be filed.

  • To meet the GST cess shortfall, center to borrow INR 1.58 Lakh crore.