FM Nirmala Sitharaman to chair 43rd GST Council meet on May 28 via video conferencing

After a gap of more than 6 months, the Goods and Services Tax Council (GST) will hold a meeting on May 28 amid the COVID-19 pandemic. Taking to Twitter, the Finanace Minister's office said that FM Nirmala Sitharaman will chair the 43rd GST Council meeting through video conferencing at 11 AM on May 28, 2021, in New Delhi. Union Minister of State for Finance & Corporate Affairs, Anurag Thakur and Finance Ministers of States & UTs and Senior officers from the Union Government & states will attend the meeting.  

In order to rework compensation shortage and provide tax relief on COVID-19 related goods, several states have been urging FM to call for a GST Council meeting. They have accused the Central government of violating the constitutional directives of holding GST Council meeting at least once every quarter. As economic uncertainty continues, the states in the meeting also want to discuss the GST extension compensation issue beyond July 2022.

The last GST Council meeting was held on October 5 (extended till October 12) last year. It finalised contours of borrowing by states to meet compensation requirement for the shortfall.

Centre Announces Various Relief Measures For Taxpayers Under GST

On May 2, the Centre announced various relief measures for taxpayers under the GST law amid the challenges being faced by the taxpayers owing to the COVID-19 crisis. The measures were announced under 3 broad categories:

• Reduction in rate of interest
• Waiver of late fee
• Extension of the due date of filing certain forms

Moreover, certain amendments have also been announced in CGST Rules apart from a relaxation in availing of ITC and an Extension in statutory time limits under section 168A of the CGST Act.

COVID Cases in India

As per Union Health Ministry, India reported 3,26,098 new COVID-19 cases, 3,53,299 discharges and 3,890 deaths in the last 24 hours.

• Total cases: 2,43,72,907
• Total discharges: 2,04,32,898
• Death toll: 2,66,207
• Active cases: 36,73,802
• Total vaccination: 18,04,57,579

(Image Credits: PTI)