This meeting was held via video conferencing and was chaired by FM Nirmala Sitharaman & Union Minister of State of Finance & Corporate Affairs Shri. Anurag Thakur.
The taxpayers anticipated many reliefs due to the pandemic hit financial years and when the economy is going haywire.
Many of these expectations were fulfilled, and some relief measures to the taxpayers were suggested in this meeting.
This article will give you a quick snapshot of the 43rd GST Council Meeting.
43rd GST Council Meeting 2021 | Key Highlights
GST rate of 5% maintained on COVID-19 vaccines. The GST Council ruled out notifying COVID related relief materials as zero-rated.
As a COVID-19 relief measure, COVID-19 specific goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, specific diagnostic markers test kits and COVID-19 vaccines, etc., are recommended for complete exemption from IGST,
even if they have imported on payment basis, for donating to the government or on the recommendation of state authority or a third-party entity like any relief agency. This exemption stands valid till 31st August 2021.
GST Amnesty Scheme was announced for small taxpayers who delayed GSTR-3B filing; the late fee imposed has been reduced to file GST returns in the future.
Taxpayers can now file their pending returns and avail of the benefits of this amnesty scheme with reduced late fees (late fees are NOT altogether scrapped)
Due dates for IFF & GSTR-1 filing for May 2021 extended by 15 days
Due dates for GSTR-4 filing for FY 2020-21 extended up to 31st July 2021.
Late fee waiver & interest reduction has been announced on the delayed filing of GSTR-3B or PMT-06 for March, April & May’21.
Late fee waiver announced for CMP-08 submission for Jan’21-March’21 taxpayers.
Taxpayers are now allowed to cumulatively apply Rule 36(4) of the CGST Act for April-Jun’21 while filing their GSTR-3B returns for June 2021.
NO GST Rate revisions for the Inverted Tax Structure.
The centre shall adopt the GST Compensation formula similar to the last year by borrowing 1.58 lakh Crore to meet the state's compensation demand in this fiscal year.
Deadlines for meeting the compliance requirements with the GST laws stands extended up to 30th June 2021.
GST annual return filing GSTR-9 continues to be optional for the small taxpayers with annual aggregate turnover less than or equal to 2 Crore.
GSTR-9C (Reconciliation Statement) is applicable for the taxpayers with an annual aggregate turnover of greater than or equal to 5 Crore. Self-certification of GSTR-9C will be accepted.
GST Council recommended amendments in specific provisions of the Act to make the present system of GSTR-1/3B return filing the default return filing system in GST.
This Council Meeting was looked upon by all the taxpayers in the hope of getting some relief measures on the GST to return filing for this financial quarter.
Taxpayers highly anticipated GST Amnesty Scheme, and the same was proposed for small & medium taxpayers.
Overall, the meeting seems to be fruitful on many fronts by providing relief to the taxpayers for at least this quarter.
Until the next time….