FM Nirmala Sitharaman to chair the 45th GST Council Meeting on 17th September at Lucknow

Ministry of Finance has announced that FM Nirmala Sitharaman will chair the 45th meeting of the GST Council on 17th September at Lucknow.

Highlights of the 44th GST Council Meeting

The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing on 12th June 2021. The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30th September 2021.

The meeting was also attended by Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs

Highlights of the 43rd GST Council Meeting

The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing on 28th May 2021. The meeting was also attended by Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. Here are the key highlights of the meeting:

1. Late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced/waived, which will be applicable if GSTR-3B returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.
2. The upper cap of late fee is being rationalized to align late fee with tax liability/turnover of the taxpayers.
3. The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover up to Rs 2 Crore.
4. The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.
5. GST Council recommended amendments in certain provisions of the Act so as to make the present system of GSTR-1/3B return filing as the default return filing system in GST.
6. Group of Ministers to be constituted to decide GST rate on Covid related medicines in next 10 days.
7. Annual Return for Financial Year 2020-21 has been simplified.
8. QRQP – Quarterly Return Quarterly Payment scheme to be worked out by the law committee.