43rd GST Council Meeting Updates
The GST Council is meeting for its first meeting in after seven months meeting:-
43rd GST Council Meeting Highlights
- Trade Body and Indian Chamber of Commerce and Industry Appeals to FM to Extend Time for Filing GSTR 3B.
- 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.
- Quarterly return monthly payment Scheme may be amended from QRMP to QRQP (Quarterly return Quarterly Payment)
- Section 50(1) of CGST Act for interest on late payment of GST on cash component only is expected to be passed at the Goods and Service Tax Council.
- Proposed to remove GST on COVID-19 vaccine, oxygen cylinder, concentrator, oximeter, PPE kite etc:
- FM- Nirmala Sitharaman Announced GST Amnesty Scheme for small taxpayers Taxpayers- ( 20.46 PM)
- The Annual Return (GSTR-9) filing will continue to be optional (turnover less than Rs. 2 crores) for FY 2020-21 for small GST taxpayers, and reconciliation statements (GSTR-9C) for 2020-21 will be furnished only by those taxpayers whose turnover is more than Rs 5 crores.
43rd gst council meeting press release- Is Waiting
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