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Key highlights fron the 43th meeting of the GST Council

The GST Council in its 43rd meeting held on 28th May, 2021 at New Delhi took the following decisions relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure.

Key Highlights of 43rd #GST Council meeting

– GST Exemption on Import of all COVID-19 relief materials and medicines (Including free of cost ) till 31st August 2021 including Amphotericin B ( medicine for Black fungus).

– Group of Ministers to be formed and they will submit the report by 8th Jun 2021 to decide the need for further reductions in GST rates.

– GSTR-9 filing is continues to be optional for the FY 2020-21 for small taxpayers with annual turnover is up to 2 Cr, GSTR-9C is still applicable for taxpayers with an annual turnover of above 5 Cr allowing on self-certification.

– Extension of due date of filing GSTR-1/ IFF for the month of May 2021 by 15 days

Extension of GSTR-4 ( Annual return for composition scheme) for the FY 2020-21 to 31st July 2021

– Companies can continue filing GST returns by using EVC instead of Digital signature till 31st August 2021.

– GST Amnesty scheme for taxpayers, a relief in the late fee for non-furnishing of GSTR-3B for the period July, 2017 to April, 2021:

•Nil returns – max 500 per return
•Others — max 1000 per return
If filed between 1st Jun 2021 to 31st August 2021.

Source Easy Tax

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