Srinagar: The 43rd GST Council meeting, chaired by Finance Minister Niramla Sitharaman, concluded this evening. The council met for the first time in around eight months; the last meeting was held in October last year.
Official sources told Ziraat Times said that J&K was represented at the meeting by its Chief Secretary.
Along with the Finance Minister, the meeting was attended by the Minister of State for Finance, Anurag Thakur, finance ministers of states and union territories and senior officials from the Centre and states via video-conferencing.
A slew of coronavirus pandemic-related decisions were taken at the 43rd GST Council meeting, chaired by Finance Minister Nirmala Sitharaman and comprising state finance ministers, on Friday.
We had a very detailed discusion at the 43rd GST Council meeting, said Nirmala Sitharaman while adding that Amphotericin-B, the drug used in treatment of black fungus, has been exempted from GST.
Council has decided to exempt export of relief items and is being extended till August 31, 2021.
“The Council has decided to exempt the import of relief items even if they are purchased if they are meant for donations to State governments. This exemption has been extended till August 31. So far, the IGST exemption was available only when you were importing free of cost,” said FM.
She also announced an amnesty scheme for those who missed out on GST payment. Late fee reduced for past period and also rationalised for future for small tax payers, said FM.
Ziraat Times here produces the LIVE updates from FM Sitharaman’s press meet on 43rd GST Council meet:
8:34 PM: Closer look GST relief for COVID-related items uncovered collateral impact on other items, thus a GoM was formed to devise the framework, said FM.
8:32 PM: A special session dedicated to compensation cess collection beyond July 2022 will be convened, said FM.
8:31 PM: Centre to borrow Rs 1.58 lakh crore to meet states’ compensation demand this fiscal, FM said.
8:30 PM: Law committe to look into quarterly returns and quarterly payments, FM said.
8:29 PM: Annual tax filing has been simplified, FM said.
8:28 PM: GST late fee has been rationalised too, FM said. The rationalised late fee will come into effect for future tax returns, she said.
8:24 PM: Reduction of compliance burden for small and some medium taxpayers discussed, said FM. Late fee amnesty related matters have been decided upon, she added. “In order to provide relief to small taxpayers an amnesty scheme has been recommended for reducing the late fee payable in these cases. A large number of taxpayers will benefit from it.”
8:23 PM: Group of ministers formed to submit report on reduction of rates on COVID-related items.
8:20 PM: Amphotericin-B has also been included in the exemption list for import tax relief, said FM Sitharaman.
8:17 PM: Issues of COVID-related items was one item in the agenda that saw detailed discussions, said FM Sitharaman. “The Council has decided to exempt the import of relief items even if they are purchased, if these are meant for donating to the government, or on recommendation of any state government to any relief agency. This exemption is extended till August 31, 2021,” she said.
8:14 PM: Finance Minister Nirmala Sitharaman, others begin press conference on 43rd GST Council meet.
8:09 PM: Delhi Deputy CM Manish Sisodia said that he proposed complete tax waiver for COVID vaccines, oxygen cylinders, oxygen concentrators, oximeter, PPE kits, sanitisers, masks, testing kit, etc, which was supported by Punjab, West Bengal, Kerala and other states. However, several finance ministers from BJP-ruled states strongly opposed the proposal.
