Goods and Services Tax
31/05/2021

Tags:

Context:

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

The GST Council has made the following recommendations:

  • As a COVID-19 relief measure, several specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST.
     
  • In view of rising Black Fungus cases, the above 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%).
     
  • The Finance Minister also announced an amnesty scheme for small GST taxpayers, allowing filing of returns with reduced late fees.
  • the GST Council will hold a special session to discuss extending paying compensation to states beyond 2022.
     
  • 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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