Newsflash - Highlights of 43rd GST Council Meeting

The 43rd GST Council meeting held on 28 May 2021 primarily to consider the proposal for a reduction in the tax rate for medical goods and other rationalization of provisions. The highlights of the same are as mentioned below:

·         Exemption for levy of IGST on import of COVID-19 related medical supplies till 31 August 2021, whether imported free of cost or payment basis for free distribution.

·         Rationalize certain GST rates and recommended certain clarifications in relation to tax rates and exemption.

·         GST Amnesty Scheme for the reduction in late fee for the filing of Form GSTR-3B for July 2017 to April 2021.

·         Recommended revised maximum late fee structure for GST returns.

·         Recommended concessional interest rate and waiver of late fee for the tax period May 2021 and also an extension of due date for Form GSTR-1.

·         Recommended relaxation in GSTR-2A reconciliation.

·         Recommended simplification of annual return for FY 2020-21.

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