The Indian GST council held its 43rd meeting on Friday, May 28, 2021, with an aim to bring relief measures in the outbreak of the second wave of Covid-19 in India. The Areas that dominated the discussion at the meeting were:
- Customs duty exemptions on the import of COVID relief items and GST implications on local supplies of similar items;
- Compliance regime rationalisations;
- Compensation cess payout to the states.
The Central Board of Indirect Taxes and Customs (CBIC) of India has given its acceptance to most of the recommendations passed in the Indian GST council meeting. It is a welcome measure brought by the Indian Government in respect of compliances by reducing interest on delayed payment of taxes and rationalising the late fee regime.
Further, the last resort is given to taxpayers in India by the introduction of the Amnesty Scheme for pending returns.