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GST Council exempts imported Covid related items from IGST
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SME Times News Bureau | 28 May, 2021
The much-anticipated GST Council meeting on Friday came up with some
respite for items related to Covid relief, exempting integrated GST
(IGST) from such imports till August 31, 2021.
In another major
decision, the council decided to exempt IGST on Amphotericin B, a
medicine required to treat black fungus (Mucormycosis) infection.
The discussions on relief for products required in Covid relief are not over yet.
Finance
Minister Nirmala Sitharaman, while addressing the media post the
meeting, said that a group of ministers (GoM) will be formed by Saturday
(May 29), which will examine the need for further reductions and decide
on any new rates in exemptions.
The GoM will submit a report on the matter by June 8, 2021.
In a relaxation to small taxpayers, the council on Friday recommended to come up with an amnesty scheme for reducing late fee.
As
per the Finance Minister, it will benefit around 89 per cent of GST
taxpayers, as they would be able file pending returns, and avail
benefits of scheme with reduced late fees.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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