43rd GST Council Meeting: Amnesty scheme recommended to reduce late fee payment for small taxpayers,
Exemption on Covid material imports
Biznextindia : Union Finance Minister Nirmala Sitharaman today chaired the 43rd meeting of the Goods and Service Tax (GST) Council. She announced the major decisions of the council after the meeting in a media briefing.
- The Annual Return filing will continue to be optional for FY 2020-21 for small taxpayers, having a turnover less than Rs 2 crores while reconciliation statements for 2020-21 will be furnished only by those taxpayers whose turnover is Rs 5 crores or more : FM
- Annual return filing has also been simplified. The Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants: FM
- On GST compensation cess, same formula as last year to be adopted this year too. The centre estimates to borrow Rs.1.58 lakh crore and apss on as back-to-back loans to states.
- For small taxpayers, an amnesty scheme has been recommended for reducing late fee payment. Almost 89 per cent of GST payers will be able to avail this scheme : FM
- One of the biggest decisions today is reduction of compliance burden of small taxpayers&medium-sized taxpayers. Late fee, Amnesty-related matters also decided upon. To provide relief to small taxpayers,an Amnesty scheme recommended for reducing late fee payable in these cases: FM Nirmala Sitharaman.
- The Council has decided to exempt the import of relief items till 31st August 2021. Due to rising cases of black fungus, Amphotericin B has also been included in the exemptions list: Finance Minister Nirmala Sitharaman
As the GST Council meeting is still in progress, the press briefing is slightly delayed. The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted : Finance Ministry