Key takeaways from the 43rd GST Council meet

Key takeaways from the 43rd GST Council meet-

Council has decided to exempt export of relief items and is being extended till August 31, 2021
Export of medicine for black fungus, that is Amphotericin B, has also been included in the exempted category.
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.
FM Sitharaman announced Amnesty Scheme to reduced late fee returns. returns. Small taxpayers can file pending returns under this scheme.
A Group of Ministers (GoM) will be quickly formed who will submit their report within 10 days - on or before June 8, so that if there are any further reductions which need to be done will be done, in the sense, that rates will be decided by them.
Annual Return form to be rationalized, Govt to amend CGST Rules.
Annual Return filing to continue to be optional for FY 20-21 for Small Taxpayers, Reconciliation statements for 2020-21 to be furnished by taxpayers with turnover of Rs. 5 Crore or more.
A Special Session on GST Compensation Cess before 22nd July 2021.