The meeting of the GST Council is being held after 8 months.
The 43rd meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, was held on Friday through video conferencing.
New Delhi. The 43rd meeting of the GST Council was held on Friday under the leadership of Finance Minister Nirmala Sitharaman. This meeting took place through video conference. Many important decisions were taken in this meeting held at an interval of about 8 months. There was no change in the GST rate on drugs and medical equipment used in the treatment of Kovid-19 in the meeting. However, it was decided to exempt the duty on the import of the drug used in the treatment of black fungus.
Tax exemption on black fungus medicine
After the meeting of the GST Council, Finance Minister Nirmala Sitharaman said that the Group of Ministers will discuss the tax structure on medical supplies and vaccines. After the meeting, the Finance Minister said that the Council has decided to exempt the import of Amphotericin-B, a drug used in the treatment of black fungus disease, from integrated GST. At present, GST is levied at the rate of 5 per cent.
Central government will raise loan for GST compensationThe Finance Minister said, “To compensate the GST revenue of the states, the central government will take the loan like last year and release it to the states. This year this amount will be Rs 1.58 lakh crore.
A special session of the GST Council will be called regarding the cess system.
Regarding the cess system introduced at the time of implementation of the GST system, the Finance Minister said that a special session of the GST Council will be convened to consider the issue of keeping the cess system in force even after July 2022, in which only the There will be discussion.
It is noteworthy that while implementing the GST regime in July 2017, the system of levying cess on certain items was introduced to the states to compensate for the shortfall in their revenue for five years. The amount received from the cess is released to the states to compensate for their revenue.
Also read- These 5 big rules will change from June 1, there will be many changes from LPG gas to income tax filing
Relief to small taxpayers
In the council meeting, relief has been announced to small taxpayers for late filing of returns through amnesty scheme.