43rd GST Council meet Highlights
Finance Minister Nirmala Sitharaman on May 28 chaired the 43rd GST Council meeting via video conferencing. The GST Council meeting was convened for the first time in nearly eight months on May 28. The council’s last meeting was held in October 2020. The council is required to meet once every quarter. DECISIONS Council has decided to exempt import of relief items and is being extended till August 31, 2021. Import of medicine for black fungus, that is Amphotericin B, has also been included in the exempted category. Import of Covid-related relief items, even if purchased or meant for donating to government or to any relief agency upon recommendation of state authority, to be exempted from IGST till August 31, 2021. FM Sitharaman announced Amnesty Scheme to reduced late fee returns. Small taxpayers can file pending returns under this scheme. A ₹ 1.58 lakh crore borrowing plan may for immediate compensation dues was also announced. GST COUNCIL It is a cons...