Finance Minister told, 7 decisions taken in GST Council meeting, Group of Ministers formed regarding tax on vaccine
Under the chairmanship of Union Finance Minister Nirmala Sitharaman Goods and Service Tax (GST) Council meeting (GST council meet) was held on Friday. This 43rd meeting of the GST Council was held through video conference, this is the first meeting of the Council in about eight months. The Union Finance Minister said that the GST Council will organize a special session to consider the payment of compensation to the states from 2022 onwards. In many states the demand for complete removal of GST on other items like vaccine, corona sample testing kit and oxygen concentrator related to the epidemic was made by many states but it could not be agreed.
Due to lack of consensus, the matter has been handed over to the GoM. A final decision can be taken in this regard in the meeting of the GST Council to be held after 10 days. During this, the Finance Minister announced a concession scheme for small GST taxpayers to reduce the late fee for late filing of GST returns. 7 decisions were taken in the meeting which are as follows.
-Detailed discussions were held in the meeting regarding equipment related to Kovid
-GST Council has decided to give exemption in import of relief material. It was decided to extend this exemption till August 31.
Amphotericin B, which is useful in the treatment of black fungus, is also placed in the exempted list.
Group of Ministers (GOM) constituted on the issue of reduction in GST on items related to Kovid-19, will submit the report in 10 days.
– GOM will ‘work’ on the issue of reducing GST rate on Kovid items.
Amnesty Scheme (Amnesty Scheme) was recommended for relief to small taxpayers in the GST regime.
Along with rationalization of late fees, it will be reduced. Annual return filing will also be simplified.