New Delhi, May 28: The much-anticipated GST Council meeting on Friday came up with some respite for items related to Covid relief, exempting integrated GST (IGST) from such imports till August 31, 2021. In another major decision, the council decided to exempt IGST on Amphotericin B, a medicine required to treat black fungus (Mucormycosis) infection.
The discussions on relief for products required in Covid relief are not over yet. GST Council Leaves Tax Rate on Vaccines Unchanged.
Finance Minister Nirmala Sitharaman, while addressing the media post the meeting, said that a group of ministers (GoM) will be formed by Saturday (May 29), which will examine the need for further reductions and decide on any new rates in exemptions.
The GoM will submit a report on the matter by June 8, 2021.
In a relaxation to small taxpayers, the council on Friday recommended to come up with an amnesty scheme for reducing late fee.
As per the Finance Minister, it will benefit around 89 per cent of GST taxpayers, as they would be able file pending returns, and avail benefits of scheme with reduced late fees.
(The above story first appeared on LatestLY on May 28, 2021 09:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).