Bharatmala Pariyojana

The meeting is being chaired by finance minister Nirmala Sitharaman and is being attended by finance ministers of all states and union territories. Senior officers from the Centre and States are also present in the meeting. The meeting is taking place after the 43rd meeting of the Council on May 28 announced a series of duty concessions on Covid relief items in addition to relaxation of compliance measures for taxpayers.

Industry body FICCI said that the Council's decision providing relief on import of Covid-related items and Black Fungus drug were a welcome move, and now GoM recommendations would be awaited to see what action is proposed on GST rate for other medical supplies for Covid including that for vaccines and ventilators.

It has been decided that late fee on returns to filed in form GSTR-3B for tax periods from July 2017 to April 2021 will be capped to a maximum of Rs 500 (Rs 250 each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods. Also, late fee has been capped to a maximum of Rs 1,000 (Rs 500 each for CGST & SGST) per return for other taxpayers.

The meeting coming in the backdrop of fresh and a more deadly Covid wave sweeping the country, is expected to announce a few Covid relief measures particularly in relation to duty relief on essential Coronavirus supplies and other compliance matters.