Implementing the Goods and Services Tax has helped consolidate India's vast and complicated indirect tax structure. Now business owners can only file for one tax return instead of maintaining multiple tax files.

Nonetheless, the GST council holds a meeting periodically and updates its regulations to benefit Indians. Here are five such notable updates –

1. The 43rd GST Council meeting provided approval to the re-introduction of the GST Amnesty Scheme. Also, it exempted IGST on the import COVID-19 related medical equipment and other relief materials till 31st August.
2. On 30th June 2021, a notification came out regarding the waiver of non-compliance charges due to the requirement of QR Code from 1st December 2020 till 30th September 2021.
3. The 30th July notification highlighted that individuals with an annual income of up to Rs.2 crore are no longer required to file GSTR-9. It also included an amendment to Section 44 and Section 35(5). Additionally, up to Rs.5 crore, one need not file a self-certified GSTR-9C anymore.
4. The highlight from 29th August's notification is that the GST Amnesty Scheme has been extended to 30th November 2021.
5. The 44th GST Council meeting brought changes to the current GST rates on Covid-19 related medicines and oxygen cylinders.

The GST meaning and application has been a boon to Indian businesses. Further, these regular updates aim to make life easier for entrepreneurs.

Irrespective of the types of GST one files for, it is imperative to do it within the given deadline. The reason being, it helps businesses to avoid paying penalties and keep their papers in order. Also, if they are applying for a business loan, having GST returns in order can come in handy.