{"id":248922,"date":"2021-05-29T15:32:00","date_gmt":"2021-05-29T10:02:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=248922"},"modified":"2021-05-29T15:32:00","modified_gmt":"2021-05-29T10:02:00","slug":"key-takeaways-from-43rd-gst-council-meeting","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/29\/key-takeaways-from-43rd-gst-council-meeting\/","title":{"rendered":"Key Takeaways from 43rd GST Council meeting"},"content":{"rendered":"<p style=\"text-align: justify;\">The 43<sup>rd<\/sup>\u00a0GST Council Meeting took place on May 28, 2021 under the Chairmanship of Union Finance &amp; Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing. It was also attended by Union Minister of State for Finance &amp; Corporate Affairs, Shri Anurag Thakur besides Finance Ministers of States &amp; UTs and senior officers of the Ministry of Finance &amp; States\/ UTs.<\/p>\n<p style=\"text-align: justify;\">The key recommendations announced by the council relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure are as follows:<\/p>\n<ul style=\"text-align: justify;\">\n<li>COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, This exemption shall be valid upto 31.08.2021.<\/li>\n<li>Amphotericin B is also exempted from\u00a0IGST.<\/li>\n<li>Further relief in individual item of COVID-19 would be announced after Group of Ministers (GoM) submits report on 8<sup>th<\/sup>June 2021<\/li>\n<li>The GST rate on\u00a0Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).<\/li>\n<li>GST on MRO services in respect of ships\/vessels shall be reduced to 5% (from 18%).<\/li>\n<li>Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">To provide relief to the taxpayers, late fee for non-furnishing\u00a0FORM GSTR-3B\u00a0for the tax periods from\u00a0July, 2017 to April, 2021\u00a0has been reduced \/ waived as under: \u2013<\/p>\n<ol style=\"text-align: justify;\">\n<li>late fee capped to a maximum of\u00a0Rs 500\/- (Rs. 250\/- each for CGST &amp; SGST) per returnfor taxpayers, who did not have any tax liability for the said tax periods;<\/li>\n<li>late fee capped to a maximum of\u00a0Rs 1000\/- (Rs. 500\/- each for CGST &amp; SGST) per return\u00a0for other taxpayers;<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between\u00a0<em>01.06.2021 to 31.08.2021.<\/em><\/p>\n<ul style=\"text-align: justify;\">\n<li>The GST Council will assemble for a special session later to ensure there is a discussion on the compensation cess post-2022.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Note: The above recommendations of the GST Council are for information purpose only. The same would be given effect through relevant Circulars\/Notifications.<\/strong><\/p>\n<p style=\"text-align: justify;\">\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 43rd\u00a0GST Council Meeting took place on May 28, 2021 under the Chairmanship of Union Finance &amp; Corporate Affairs Minister Smt. Nirmala <\/p>\n","protected":false},"author":121,"featured_media":194173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-248922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Key Takeaways from 43rd GST Council meeting | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/29\/key-takeaways-from-43rd-gst-council-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key Takeaways from 43rd GST Council meeting\" \/>\n<meta property=\"og:description\" content=\"The 43rd\u00a0GST Council Meeting took place on May 28, 2021 under the Chairmanship of Union Finance &amp; Corporate Affairs Minister Smt. 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