Discussion on 43rd GST Council Meeting in chart form

43^rd GST COUNCIL MEETING

AT A GLANCE

1. COVID RELIEF ITEMS :

No IGST shall be charged on certain items
like medical oxygen, oxygen storage, medical . .
. equipment, test kits, vaccines etc. till 31.08.2021.

↓

FM has also constituted
a group of ministers (GOM) who will
decide other COVID related individual items.
Also they have to submit there report by 08.06.2021.

Important Note:  Exemption is available only if goods imported free of cost for free distribution.

RECOMMENDATION :

♦ IGST shall be charged on repair value of goods re – imported after repair.

♦ Services to education institution:

♦ Examination fees charged by national board of examination, similar central & state education board is exempt from GST.

♦ Provision related to land owner promoter :

♦ Supply of service to govt./local authority:

Condition : In this supply portion of goods < 25% of composite supply. If the above condition is not followed then GST is charged @ 5%.

♦ Provision Relating to Guarantee given by Govt. :

Guarantee given by government
to financial institution for providing
financial assistance to Govt. under taking/PSU

↓

Such services supplied by government to
their undertaking and PSU is exempt from GST

♦ 18% GST has been charged on rope way construction services provided to an Government entity.

♦ Measures to trade facilitation relief in late fees:

NOTE : Tax payer can file their previous period return from 01.06.2021 till 31.08.2021.

♦ Late fees u/s 47 :

• Provisions related to form GSTR – 4

♦ Provisions related to form GSTR- 1/3B

> GSTR -7 : late fees = 50 rs. per day maximum upto rs. 2000.

♦ COVID -19 Related Relief :

• Provisions Related to Interest :

• Provisions Related to Late Fees:

• Provisions Related to CMP – 08:

♦ Provisions Related to MAY 2021 Return:

♦ Simplification Related to Annual Return :

• CA certification not required in FORM GSTR-9C from F.Y. 2020-21 onwards.
• The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore.
• The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore

Other COVID -19 related Relaxation :

• GSTR -1 due date extended by 15 days for MAY 2021Month.
• GSTR -4 (F.Y. 2020-21) due date extended till 31.07.2021.
• 36(4) will be cumulative applicable for the period april 2021 to june 2021 in JUNE 2021 return.
• ITC – 04 due date for march quarter extended till 31.07.2021.
• Allowing filing of returns by companies using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.

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