Outcomes of 43rd GST Council Meeting, chaired by Hon’ble Finance Minister, Nirmala Sitharaman.
Hon’ble finance minister Smt. Nirmala Sitharaman chaired the 43rd GST Council’s meeting (Goods and Services Tax Council meeting) on Friday 28 May 2021. This was long awaited meeting and held after the gap of seven months.
From this meeting where the taxpayers were expecting relief from the late fees and penalties.
Same time, considering the second wave of covid19 pandemic, several states have urged a reduction in GST rates on essential COVID-19 supplies including various medicines, medical devices, and health services.
Media Briefing Video:-
Tweet By GSTSEVA
We humble request @GST_Council to consider following, in upcoming meeting:-— GSTSEVA ® (@gstseva) May 24, 2021
1. Revival & Survival support to MSME
2. One time relief to genuine taxpayers to rectify mistakes
3. Remove/Limit the late fees and charges
4. Encouragement policy for MSME
5. Smooth ITC#GSTAmnesty #gst
As likely expected to relief to taxpayers. FM announced that taxpayers now can file their pending returns with reduced fees. The benefit for the amnesty scheme will be for approximate 89% of GST Taxpayers.
Annual Return will continue to be optional for FY 2020-2021, there is no further relief announced in this meeting.
Some to the experts and tax association were demanding to relax the provisions related to ITC-(Input Tax Credit) and for Section 16(4) of the CGST Act, 2017 but no announcement related to that.