The 43rd GST council meeting was held via video conferencing in New Delhi with other states finance ministers. The meeting was very important as the states’ ministers demanding GST rate cut and exemption of COVID-19 supplies via official letter. The union finance ministry has discussed on GST rate on COVID-19 related medical supplies along with compensation issues.
From dozens of central and state taxes like excise duty, service tax, and VAT were included in the nationwide goods and services tax (GST) in 2017, the official control through the Finance Minister along with the representatives of all the states as well as Union territories was important to bridge every quarter to consider the problems.
All Updates on 43rd GST Council Meeting
- “GST Exemption to some COVID-19 supplies till 31st August 2021”
- “A Particular Medicine for Black Fungus also exempted”
- “GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June”
- “Amnesty Scheme with a 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 April 2021.
Amnesty scheme could be from 1st June 2021 till 31st August 2021″
- “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:-
- “Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities”
- “Annual Return form to be rationalized, Govt to amend CGST Rules”
- “Annual Return filing to continue to be optional for Small Taxpayers”
- “A Special Session on GST Compensation Cess before 22nd July 2021”
All Expectations of 43rd GST Council Meet
People should recognize the fact that the Judiciary is still active in India and is there to help the poor, underprivileged, old as well as other citizens and non-citizens of the country. The GST council’s meeting is scheduled for May 28. One of the agenda of the meetings will be the consideration of the honourable Delhi High court’s observation of “levying a 12% tax on the import of oxygen concentrators for personal use or received as a gift as unconstitutional.”
This observation of a court came in response to a plea filed by an 85-year old COVID patient whose relatives had sent her an oxygen concentrator from the United States. The Honourable High Court also quashed the Notification released by the Finance Ministry of imposing 12% IGST on oxygen concentrators imported for personal use or gift.
Abhishek Jain, Tax Partner, EY commented that the government had already granted exemption from IGST on the free import of oxygen concentrators for the purpose of providing COVID relief by all state government or any agency that is authorised by the state government.
“The Delhi High Court has beneficially extended the benefit of this IGST exemption to personal import as gifts for individual use as well. Given the enormity of the pandemic situation and as a life-saving measure and given that the revenue loss for the government may not be significant, the government may consider accepting the judgement and extending the benefit, Jain added.”
GST Council 43rd Meeting Discussed on Covid Equipment & Medicines
The GST meet has ended with no conclusion for the shortfall compensation of states, said finance minister Nirmala Sitaraman. She said that there is no dispute simply “we may have a difference over states’ compensation”. “We were not able to arrive at a consensus. I appealed to all the states. That is how the GST Council meeting ended.”
“The collection of cess is inadequate for paying compensation. This is absolutely apparent for everyone to see and because it is something which was never envisaged, the shortfall will be now be met by borrowing.”
“The Centre has issued a borrowing calendar, if I go beyond that to borrow, the G-Sec deals which are used as a benchmark for every other borrowing will go up, this will hence increase borrowing costs for states and private sector too.”
Read Also: All Updates of 42nd GST Council Meeting on Returns and Compensation
There is a 42nd GST Council meeting scheduled in the first week of October 2020. The meeting will be mainly focused to review the options provided. Read more
“We are open to anyone who wants us to facilitate any loan. A lot of people have chosen Option 1, and some will approach us tomorrow morning. We are ready to deal with it.”
It has been closed since 10 April in Madhya Pradesh. The market is closed. How should we file the returns?
hi
Everyone is affected cut down the penalty . Many of the small business people due to penalty they are not filing the pending returns for the past more than 6 months.
Madam kindly do the needful for all the people by cutting down the penalty
with regards
Late fees of gstr-3b and gstr-1 waived as the small businessman is not bear heavy late fees so it should be waived or capped rs 250/per month so the small businessman could do their work for his family without any burden upto march 2021 due to covid time
To
Finance minister
Late fee should be waived off from July 2017 to June 2021.So all cancelled GST can be filled.
Respected Sir,
We have paid tax on a Composition basis (once in 3 months).In some cases, we have transferred to the monthly payment of tax from a composition basis, in the middle of the year. In those cases, we request you to kindly waive the Intrest Payable and GSTR 3b late fees
GSTR 3B amnesty scheme also has to be extended. Many business people, Consultants, Chartered accountants, and other related persons are affected by Covid 19. In these pandemic situations, Government should consider the extension of the GSTR 3B amnesty scheme.
To
Finance Minister
Subject:- Late Fees Waived Hona chahiye…
Late fees of gstr-3b and gstr-1 waived as the small businessman is not bear heavy late fees so it should be waived or capped rs 250/per month so the small businessman could do their work for his family without any burden upto march 2021 due to covid time
GST amnesty scheme should re- launch by the government as many of the dealers could not file their return GSTR 3B due to a huge late fee. The business is affected due to covid 19. They are facing many financial problems.
GSTR3b amnesty scheme has to be extended . be coz every one person effected from covid 19 and financial problems.
GSTR 3B Amnesty Scheme also has to be extended because various taxpayers, consultants and chartered accountants affected by covid-19. They can not afford a huge amount of Late fees. So govt. must consider the extension of GSTR 3b JULY TO AUGUST
Although Covid 19 has caused huge losses in business, the period for filing GSTR 3B returns should be extended
All are facing very difficult situation in this Covid 19 pandemic. Please extent the date of GSTR 3B Amnesty Scheme.
GSTR 3B amnesty scheme also has to be extended. Many business people, Consultants, Chartered accountants, and other related persons are affected by Covid 19. In these pandemic situations, Government should consider the extension of the GSTR 3B amnesty scheme.
GSTR 3B Amnesty Scheme also has to be extended because various tax payers, consultants and chartered accountants affected by covid-19. They can not afford huge amount of Late fees. So govt. must consider the extension of GSTR 3b Amnesty Scheme.
GSTR 3B Amnesty Scheme also has to be extended because of various taxpayers, consultants, and chartered accountants affected by covid-19. They can not afford a huge amount of Late fees. So govt. must consider the extension of the GSTR 3b Amnesty Scheme in the 43rd Council Meeting.
NOT THE GOOD MOVE BY GOVERNMENT BCOZ EVERY CA AND ACCOUNTANT HAS BEEN AFFECTED PLEASE EXTEND THE DUE DATES OF THE RETURNS FOR FILLING OF RETURNS FOR THE LAST TIME, SO EVERY ONE CAN FILE THE RETURNS AND BUSINESS CAN RUN, OTHERWISE GSTIN ARE GOING TO BE CANCELLED
GST return filing late fees maximum limit is up to 500/- but now imposed 50/- per day and a maximum 10000/- can in maybe relaxation in 43 GST meeting
GSTR 3B Amnesty Scheme also has to be extended because various tax payers, consultants and chartered accountants affected by covid-19. They can not afford huge amount of Late fees. So govt. must consider the extension of GSTR 3b Amnesty Scheme in 43rd Council Meeting.
yes..everybody has effected