GST Council: Nirmala Sitharaman announces amnesty scheme for small taxpayers
The maximum amount of late fee has been also reduced and will come into effect from future tax periods, finance minister Nirmala Sitharaman said
Finance Minister Nirmala Sitharaman on Friday announced an Amnesty scheme to reduce late fee payable by small taxpayers.
“In order to provide relief to small taxpayers, an amnesty scheme has been recommended for reducing the late fee payable in these cases. A large number of taxpayers will benefit from it,” the Union finance minister said after the 43rd GST Council meeting.
The maximum amount of late fee has been also reduced and will come into effect from future tax periods, she added.
On GST compensation cess, same formula as last year to be adopted this year too. The rough estimate is that the Centre will have to borrow Rs 1.58 lakh crore and pass it on to states, the finance minister said.
The GST Council also left taxes on Covid-19 vaccines and medical supplies unchanged but exempted duty on the import of a medicine used for the treatment of black fungus.
A group of ministers will deliberate on tax structure on the vaccine and medical supplies, Finance Minister Nirmala Sitharaman said.
The GST Council also exempted levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus.