Finance Minister Smt. Nirmala Sitharaman is chairing the 43rd GST Council meeting in the presence of MOS Anurag Singh Thakur via video conferencing in New Delhi after a gap of seven months amid the second wave of the COVID-19 pandemic today
Following agenda and expectation from the GST council meeting-
1. Reduction in GST rates on essential COVID-19 supplies including various medicines, medical devices, and health services.
2. The focus of discussion in upcoming GST Council meeting is likely to be GST compensation dues to the states extension for five years and tax waivers on varied medicines or medical equipment
3. Extension in filling of various GST return and relaxation in penalty, interest and late fee
4. Many states may ask for a correction in the inverted duty structure, especially in key sectors such as steel utensils, fertiliser, solar panels, tractors, tyres, textile, cloth and more.
5. Expectation in rate reduction on two-wheelers in order to offer the segment a boost during the ongoing pandemic. A discussion may also be held to bring natural gas under the GST regime.