31/05/2021
Did the latest GST Council meeting resolved the problems owing to the Covid-19 situation?
MAIN RECOMMENDATIONS OF 43RD GST COUNCIL MEETING
1. 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, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency.
2. The above exemption from IGST has been extended to Amphotericin B, drug against Black Fungus
3. Various GST exemptions and reductions made on many services relating to mid day meal schemes in educational institutions, ship/ vessels transportation, wheat flour/ rice production and distribution, construction of roads, etc.
4. Biggest decision: To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fee payable by small taxpayers and medium-sized taxpayers.
CRITICISM OVER THE GST COUNCIL MEETING
Council failed to agree on immediate tax breaks for critical pandemic relief supplies, including COVID-19 vaccines while States like West Bengal, Kerala and Punjab, have been demanding that the GST levied on COVID-related items be scrapped. The Council has failed to address major pain points of the covid items industry and the common man resulting from the pandemic.
What's your take on this?