Key Outcomes of 43rd GST Council Meeting

Key Outcomes of 43rd GST Council Meeting

  • A Special Session on GST Compensation Cess to be held before 22nd July 2021 
  • Annual Return filing will continue to be optional for Taxpayers having turnover less than 2 crore.
  • GST Annual Return form has to be rationalized, Govt will amend CGST Rules
  • Late fee will be rationalized prospectively for Small Taxpayers and it will be applicable for future liabilities.
  • Amnesty Scheme will be launched that will provide relief to small taxpayers
  • Council decided to form GoM to check if further reductions to be given to new items, GoM will submit it recommendation before 8th June
  • Council decided to Exempt certain COVID-19 supplies till 31st August 2021
  • Council decided to exempt specific medicine used for treating black fungus