GST Council Extends Due Dates Of Various Compliances, Provides Relief On Import Of COVID Related Relief Items

Commenting on the announcements made in the GST Council Meeting on Friday, Uday Shankar, President, Federation of Indian Chambers of Commerce & Industry (FICCI), noted that the organization welcomes the decisions announced by the GST Council and appreciates the government's efforts in fighting the COVID-19 pandemic and enabling better access to medical products and solutions to the country. The relief on import of COVID-related relief items, if purchased or meant for donating to government or any other relief agency, have been exempted from the Integrated Goods and Services Tax till Aug. 31, 2021. Also, the drug required for treating Mucormycosis fungal infection, has been included in list of items exempted from IGST. This is a laudable step and was much awaited, he noted. Furthermore, the recommendation on the amnesty scheme to reduce the late fee will provide some relief to the small taxpayers. The decision regarding extension of due dates of various compliances under GST laws for the month of May and June, 2021 would have provided a big relief to the taxpayers during this difficult time. Also, the announcement regarding optional return filing for 2020-21 for taxpayers with a turnover less than Rs 2 crore will provide a further respite to the smaller companies.

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