New Delhi: Finance Minister Nirmala Sitharaman has decided that due to the current situation and demand of the industry from Corona, import duty will not be imposed on Covid’s goods. This meeting of GST took place after seven months in the Corona period. In view of the second wave of Corona, the government has decided that relief should be given on the things related to Corona.
Regarding the reduction in GST on Corona Medicine and Equipment, Nirmala Sitharaman said that there was a serious discussion on this issue. Many matters were raised and those issues were discussed. GST Council has decided to exempt GST on imports of Corona Equipments till 31 August 2021. Instant exemption in GST has been given on COVID Equipments. A Group of Ministries has been formed to give tax exemption. A final decision will be taken before June 8 on whether tax should be cut on any other equipment. Keeping in mind the increasing cases of black fungus, the government has included Amphotericin B in the category of exemption from GST.
In view of the interests of small businessmen and taxpayers, the government has reduced the late fees by giving relief under the amnesty scheme. For taxpayers whose turnover is less than 2 crores, for the financial year 2020-21. Annual return filing will be kept optional. Reconciliation statement for the financial year 2020-21 has to be submitted only to taxpayers whose annual turnover is more than 5 crores.
There has been talk of adopting the old formula regarding GST compensation cess. It is estimated that the central government will have to take a loan of 1.58 lakh crore rupees separately for reduction in compensation. The Center will compensate the states’ share of the loan money.
