The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
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The GST Council has made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure:
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.
In view of rising Black Fungus cases, the above exemption from IGST has been extended to Amphotericin B.
To support the LympahticFilarisis (an endemic) elimination programme being conducted in collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).
GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).
The Finance Minister also announced an amnesty scheme for small GST taxpayers, allowing filing of returns with reduced late fees.
The GST Council will hold a special session to discuss extending paying compensation to states beyond 2022.
Annual return filing has also been simplified. The Council has recommended amending the CGST Act to allow for self-certification of reconciliation statements, instead of getting it certified by Chartered Accountants.