43rd GST Council

43rd GST Council

Part of: GS Prelims and GS -III – Economy 

In news

• The 43rd GST Council met under the Chairmanship of Union Finance Minister recently.

Key takeaways 

The GST Council has made the following recommendations:

• As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, etc., have been recommended for full exemption from IGST.
• In view of rising Black Fungus cases, the exemption from IGST has been extended to Amphotericin B.
• To support the LympahticFilarisis (an endemic) elimination programme being conducted in collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).
• GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).
• Amnesty scheme for small GST taxpayer’s was also announced, allowing filing of returns with reduced late fees.
• Annual return filing has also been simplified. 
• The Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants. 

Related articles:

Major Global energy companies ask Indian Government to bring natural gas under the GST regime 

Centre to Borrow on Behalf of States to meet the GST shortfall