Black Fungus Medicine Exempted From Tax: Key Takeaways From GST Council Meet

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GST Council Meeting 2021: IGST is exempted on free COVID-related necessities until August 31

The items and providers tax (GST) Council assembly was held at the moment after a spot of virtually eight months, amid the ranging second wave of the COVID-19 pandemic within the nation. While addressing a press convention after the Council assembly concluded, Ms Sitharaman introduced that the built-in items and providers tax (IGST) is exempted on free COVID-related important objects until August 31, 2021. (Also Read: Decision On Tax Cuts On Covid Vaccines By June 8, Says Government )

The Finance Minister introduced {that a} group of ministers will deliberate on the tax charges of COVID vaccines, medicines, and different such important provides on June 8, 2021. Some of the key takeaways from the forty third GST Council assembly – the primary GST meet within the present monetary yr 2021-22, are as follows:
 

  • Due to the surge within the variety of Black Fungus circumstances throughout the nation, the responsibility on import of the medicine- Amphotericin B, used to remedy Black Fungus, is exempted. 
  • The Amnesty Scheme was introduced to scale back late payment returns. Under this scheme, small taxpayers can file pending returns. The late payment for non-furnishing Form GSTR-3B for the tax intervals between July 2017 – April 2021 is decreased 
  • In order to scale back the burden of late payment on smaller taxpayers, the higher cap of late payment is now rationalized to align the late payment with tax legal responsibility or turnover of the taxpayers
  • The annual return submitting for the monetary yr 2020-21 is simplified, to ease the compliance requirement in furnishing reconciliation statements in Form GSTR-9C. Taxpayers shall be capable of self-certify the reconciliation assertion, as an alternative of getting it licensed by chartered accountants. 

Finance Minister Nirmala Sitharaman chaired the forty third GST Council meet at the moment by means of a video convention and representatives together with seniors officers and finance ministers of states and union territories attended the assembly. 



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