AN OVERVIEW OF GST COUNCIL 43rd MEETING ON 28th MAY 2021
1. Group of Ministers to be constituted to decide GST rate on Covid related medicines in next 10 days.
2. Reduction of Compliance Burden on Small & Medium Sized Taxpayers.
3. Late Fees amnesty scheme is approved.
4. In order to provide relief to taxpayers, an amnesty scheme is recommended to reduce late fees.
5. Annual Return Filing has also been simplified.
6. The Annual Return Filing will be optional for FY 2020-21 for small taxpayers upto turnover Rs. 2 Crore.
7. GST Reconciliation Statement in Form GSTR-9C to be filed for taxpayers having turnover over Rs. 5 Crore for the FY 2020-21.
8. QRQP – Quarterly Return Quarterly Payment scheme to be worked out by law committee.
AN OVERVIEW OF GST COUNCIL 43rd MEETING ON 28th MAY 2021
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