43rd GST Council Meeting Key decisions as follows
🌀 1) GST Exemption to some COVID-19 supplies till 31st August 2021.
🌀 2) A Particular Medicine for Black Fungus also exempted.
🌀 3) GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June.
🌀 4) Amnesty Scheme with reduced late fee to be launched for GST Small Taxpayers.
GST Amnesty Scheme for all Small Taxpayers (MSME) The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers- Due to Covid-19 pandemic:-
Pending GSTR-3B returns from July-2017 to till April 2021.
Amnesty scheme could be from 1st June 2021 till 31st August 2021
🌀 5) Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities.
🌀 6) Annual Return form to be rationalized, Govt to amend CGST Rules.
🌀 7) Annual Return filing to continue to be optional for Small Taxpayers.
