22/06/2024
Key Recommendations made by 53rd GST council meeting held today -
1. Waiver of Interest and Penalty on demand notices issued under section 73 for FY 17-18, 18-19, 19-20. (Applicable in cases where tax is paid entirely by March 2025)
2. The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to 30-11-2021 for the Financial Years 2017-18, 2018-19, 2019-20, and 2020-21 may be deemed to be 30-11-2021.
So, the recent decision of Kerala High Court order has been accepted by the GST Council and applied to all taxpayers.
3. Monetary limit for filing appeal by tax dept. of 20 lakh for GSTAT, 1 Cr for HC and 2 Cr for SC.
4. Max amount of Pre Deposit for filing appeal before appellate authority reduced from 25 cr to 20 cr each for CGST and SGST.
5. Pre-Deposit for filing appeal before tribunal reduced to 20% and 20 cr each for cgst and sgst.
6. Amendment in law for providing that time limit for filing appeal before tribunal will start from the date government notifies GSTAT.
7. Extension of time limit to file GSTR-4 till 30 June.
8. Interest won’t be charged for amount available in cash ledger at time of filing 3B.
9. Iinsertion of new Form GSTR 1A to allow correction in GSTR 1. It will be allowed to file it before filing 3B.
10. Bio metric based Aadhar authentication on PAN India basis in a phased manner.
11. Clarification issued on various topics. Few of them are:
⏩12% tax rate for milk can;
⏩uniform GST rate of 12% on all carton boxes;
⏩clarification on all types of sprinklers will attract 12% and past practice to be as is;
⏩12% rate on all solar cases;
⏩Services by railways, platform ticket, other services are exempt;
⏩service of hostel accommodation outside of educational institutions made exempt with conditions.