Deepak Gupta | May 25, 2021 |
43rd GST Council Meeting: What to relief are Expected amid COVID
In this article, we have tried to summarise various GST relief measures that government is likely to announce in 43rd GST Council Meeting.
As the Country is fighting 2nd wave of COVID-19, a number of states have sought GST rate cuts on essential Covid supplies, and are expected to push for the same in the upcoming meeting. Also GST Council may decide rate cut on import of oxygen concentrators. Interestingly, the Delhi HC has held that the imposition of 12% IGST on oxygen concentrators for personal use or those received as gifts is ‘unconstitutional’.
Discussion is expected on exempting the Vaccinations as well. A special Rate on Vaccinations can be sought, so that the manufacturers can take credit of inputs, and pass the benefits to consumers, thus making the vaccine cheaper.
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As per News reports, states may seek an extension of five years for compensation cess. This is because many states are suffering from cash woes amid COVID.
Compensation Cess Act was brought in force to provide for compensation to the States for the loss of revenue arising on account of implementation of GST for Five Years.
The Council may discuss the introduction of the GST Amenmesty Scheme as GSTR-3B Late Fees Reduction has been a Major Demand of the MSMEs. The Late Fees reduction should come from July 2017, GSTR-3B Returns.
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