43rd GST Council

May 31, 2021

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