WHY IN NEWS?
- The 43rd GST Council met under the Chairmanship of the Union Finance Minister recently.
- As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, etc., have been recommended for full exemption from IGST.
- In view of rising Black Fungus cases, the exemption from IGST has been extended to Amphotericin B.
- To support the LympahticFilarisis (an endemic) elimination programme being conducted in collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).
- GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).
- An Amnesty scheme for small GST taxpayer’s was also announced, allowing filing of returns with reduced late fees.
- 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