April 24, 2024

43rd GST Council

WHY IN NEWS?

  • The 43rd GST Council met under the Chairmanship of the Union Finance Minister recently.

Key points:

  • 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

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