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43rd GST Council meeting - Main points

It will remain the same

  • GST rate related to inverted duty structure.
  • The formula of GST Compensation Cess as last year.
  • Companies can file GST returns using EVC till 31August-2021.
  • Annual return GSTR-9 for FY 2020-21 will continue to be optional for small taxpayers.
  • Reconciliation statement GSTR-9C still to be filled by taxpayers having turnover of Rs 5 crore or more.

Relief to taxpayers

  • GST exemption to Import of all Covid medicines and relief materials till 31-August-2021.
  • Amphotericin B (Black fungus medicine) is included in the exempted goods list.
  • GST Amnesty scheme has been announced to reduce the late fee for filing GSTR-3B.
  • The minimum late fee has been reduced for filing GST returns from future tax periods.
  • Last date of GST compliances which were due between 15-April 2021 to 29-June-2021 extended to 30-June 2021.
  • Due date for filing GSTR-1 for May 2021 extended for 15 days more.
  • GSTR-4 for FY 2020-21 can be filed up to 31-July-2021.
  • ITC-04 for quarter Jan-Mar 2021 can be filed up to 30-June-2021.

It may happens in future

  • Covid relief materials may be notified as Zero-rated goods.
  • QRMP scheme to be introduced..

TaxGyata Team

TaxGyata Team

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