43rd GST Meet key points

The 43rd GST Meet key points was held on 28th May 2021 after eight months through video conferring mode. The meeting was chaired by Finance Minister Nirmala Sitharaman.

Imported COVID Items Exempted from IGST Till August 31, 2021

• GST Council met after a gap of 8 months, have taken several decisions

• To exempt black fungus drug Amphotericin B from IGST

• To form GoM to decide on cut in rates on COVID items

• To cut GST compliance burden of small, medium tax payers

• Group of Ministers to give report in 10 days

• Discussed inverted duty structure on textiles, footwear

• Decided on amnesty scheme for missing GST payment

• Simplified annual GST return filing; GST late fee to be rationalised

• GST Council felt time right to correct inverted duty

• To adopt same formula for compensation cess as last year

• Centre to borrow ₹ 1.58 lakh crore to meet GST CESS shortfall

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