Question: Who chaired the meet of 43rd GST Council in the month of May 2021?
a) Nirmala Sitharaman
b) Amitabh Kant
c) Shaktikant Das
d) Amit Shah
Answer : (a)
Context
- 43rd meet of GST Council was organised virtually on May 28 ,2021 and finance minister Nirmala Sitharaman chaired the meet.
Facts
Key Highlights of 43rd GST Council Meeting
- The council has decided to exempt import of relief items and is being extended till October 31, 2021.
- The Council decided to keep the GST rate of 5% as it is on COVID vaccines.
- The import of medicine for black fungus, that is Amphotericin B, has also been included in the exempted category.
- The import of Covid-related relief items, even if purchased or meant for donating to government or to any relief agency upon recommendation of state authority, to be exempted from IGST till August 31, 2021.
- Amnesty scheme: To provide relief to small taxpayers, an Amnesty scheme has been recommended for reducing late fee payable by mall taxpayers & medium-sized taxpayers.
- The Amnesty Scheme is recommended to benefit 89% GST Taxpayers.
- The rationalization of Late fee for Small Taxpayers to be applicable to future liabilities.
- The taxpayers can now file their pending returns and avail the benefits of this Amnesty scheme with reduced late fees.
- The maximum amount of late fee has been also reduced and will come into effect from future tax periods.
- Annual Return Filings under GST: The Annual Return filing will continue to be optional for FY 2020-21 for small taxpayers, having a turnover less than Rs 2 crores while reconciliation statements for 2020-21 will be furnished only by those taxpayers whose turnover is Rs 5 crores or more.
- Session on Compensation cess: A special session dedicated to compensation cess collection beyond July 2022 will be convened.
- The centre to borrow Rs 1.58 lakh crore to meet states’ compensation demand this fiscal.
- New rates in exemptions: Group of ministers to be formed quickly, who will examine need for further reductions & decide on any new rates in exemptions and will submit the report on reduction of rates on COVID-related items by June 8, 2021.
By kameshwar shukla