43rd GST Council Meeting Things You Must Know!
Overview
No. of GSTC Meetings
- 18 Meetings→ Pre–GST(Before 01.07.17)
- 8 Meetings→ 2018–2019
- 3 Meetings → 2020–2021
- 2017–2018→ 8 Meetings
- 2019–2020→ 5 Meetings
Reducing Frequency?
40th Meeting→ 12th June 2020 After 89 days
41st Meeting→ 27th August 2020 After 75 days
42nd Meeting→ 5th October 2020 After 38 days
43rd Meeting→ 28th May 2021 After 234 days
Why Such Delay?
Assembly elections held in 5 States
On-going COVID-19 pandemic
Proposed Changes In 43rd GSTC Meeting
Exemptions
Covid-19 And Black Fungus Relief
Exemption For Serving Food
- Entities like Akshay Patra Foundation provide free meals in schools to lakhs of students
- Such meals may get funded through Corporate Donations to cover their costs
- Typically, in such cases, the fundamental question is who is the service recipient – such corporates or educational institutions
- In this regard, likely clarification that Such services of providing food including mid-day meal to an educational institution and Anganwadi would be exempt from GST irrespective of the funding received from Corporates
Exemption For Education
- National Board of Examinations (NBE) is responsible for PostGraduate exams and training for Medical Education in India
- They are established by the Ministry of Health and works in the capacity of Educational Institution
- Examination fees charged by NBE or similar Central or State Educational Boards will be exempted from GST
- Input services relating to such services thereto would also be exempt from GST.
- This would lead to a reduction in the cost of such institutions and hence ultimately making educational more affordable
Sectoral Benefits
Real Estate – Time Of Supply For JDA
- Real Estate Builders enter into a Joint Development Agreement with the Landowners
- Certain flats/units are then allotted by Builders to the landowner in lieu of development rights
- GST is charged on such transfers. However, the Time of Supply for the same is the completion certificate
- It may effectively mean that ITC may not be utilized by the Landowner
- Amendment to be made to pre-pone the GST liability to enable claiming of ITC by Landowner
- The expectation of exemption under GST for procurement of TDR remains unfulfilled
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