GST Council: Tax Rate On COVID Essentials, States' Revenue Shortfall On Agenda

Finance Minister Nirmala Sitharaman chairs the 43rd good and services tax (GST) council meeting on Friday, May 28, through video conferencing. According to sources, the consensus by the GST council to reduce the GST tax on all the essential COVID-related supplies such as medicines, vaccines, etc., and the exact nature of reduction will be taken up at a later stage. The council announced that quarterly returns for small traders will continue and provided relaxation of the late fee penalty for the payment of GST.