53rd GST Council Meeting Recommendations

Flashcards based on the 53rd GST Council Meeting recommendations.

What was recommended regarding interest and penalties for demand notices under Section 73 of the CGST Act?

Waiving interest and penalties for demand notices issued under Section 73 of the CGST Act for fiscal years 2017-18, 2018-19 and 2019-20 if the full tax demanded is paid upto 31.03.2025.

What was recommended regarding the time limit to avail input tax credit under Section 16(4)?

The time limit to avail input tax credit under Section 16(4) of CGST Act through any GSTR 3B return filed upto 30.11.2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, may be deemed to be 30.11.2021.

What monetary limits were recommended for filing appeals by the Department to reduce litigation?

Rs. 20 lakh for GST Appellate Tribunal, Rs. 1 crore for High Court, and Rs. 2 crore for Supreme Court.

What amendment was recommended regarding the period for filing appeals in the GST Appellate Tribunal?

To amend provisions of CGST Act to provide that the three-month period for filing appeals in GST Appellate Tribunal will start from a date to be notified by the Government.

What was recommended regarding interest on delayed filing of returns when credit is available in the Electronic Cash Ledger?

To not levy interest u/s 50 of CGST Act in case of delayed filing of return, on the amount available in Electronic Cash Ledger (ECL) on the due date of filing of the said return.

What sunset clause was recommended for Anti-profiteering applications?

Sunset clause from April 1st, 2025 for receipt of any new application for Anti-profiteering.

What exemption was recommended regarding Compensation Cess on imports in SEZ?

Exemption from Compensation Cess leviable on the imports in SEZ by SEZ Unit/developer for authorised operations from 1st July, 2017.

What GST rate was recommended for milk cans, cartons/boxes, solar cookers, and sprinklers?

12% GST on milk cans (steel, iron, aluminum) irrespective of use; Carton, Boxes And Cases of both corrugated and non-corrugated paper or paper-board; Solar cookers whether single or dual energy source; and sprinklers including fire water sprinklers.

What exemptions were recommended for services provided by Indian Railways?

Exemption of certain services provided by Indian Railways to common man and also intra railway supplies.

What exemptions were recommended regarding accommodation services?

Certain exemptions related to accommodation services, providing relief to students and working professionals.

What roll-out was recommended regarding Aadhaar authentication?

Roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner.

What uniform IGST rate was recommended for imports of aircraft parts and components?

Uniform rate of 5% IGST will apply to imports of 'Parts, components, testing equipment, tools and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities subject to specified conditions.

What was the recommended GST rate reduction for cartons, boxes and cases of paper or paper-board?

GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-board' (HS 4819 10; 4819 20) to be reduced from 18% to 12%.

What exemption was recommended regarding Compensation cess on aerated beverages and energy drinks to Unit Run Canteens?

To exempt Compensation cess on supply of aerated beverages and energy drinks to authorised customers by Unit Run Canteens under Ministry of Defence.

What was recommended regarding co-insurance premium and its classification under CGST Act?

Co-insurance premium apportioned by lead insurer to the co-insurer for the supply of insurance service by lead and co-insurer to the insured in coinsurance agreements, may be declared as no supply under Schedule III of the CGST Act, 2017 and past cases may be regularized on 'as is where is' basis.

What section insertion was recommended for conditional waiver of interest/penalty for demands under Section 73?

Insertion of Section 128A in CGST Act, to provide for conditional waiver of interest or penalty or both, relating to demands raised under Section 73, for FY 2017-18 to FY 2019-20.

What Filing of the annual return was exempted for taxpayers having aggregate annual turnover upto two crore rupees?

The Council recommended that filing of annual return in FORM GSTR-9/9A for the FY 2023-24 may be exempted for taxpayers having aggregate annual turnover upto two crore rupees.

What amendment was recommended regarding penal provisions for e-commerce operators?

Amendment in section 122(1B) of CGST Act retrospectively w.e.f. 01.10.2023, so as to clarify that the said penal provision is applicable only for those e-commerce operators, who are required to collect tax under section 52 of CGST Act, and not for other e-commerce operators.

What authentication method was recommended to be rolled out for GST registration applicants on a pan-India basis?

Rolling out of bio-metric based Aadhaar authentication on All-India basis: The GST Council recommended to roll-out the biometric-based Aadhaar authentication of registration applicants on pan-India basis in a phased manner.

What was recommended regarding the time limit for the issuance of demand notices and orders?

Amendments in Section 73 and Section 74 of CGST Act, 2017 and insertion of a new Section 74A in CGST Act, to provide for common time limit for issuance of demand notices and orders irrespective of whether case involves fraud, suppression, willful misstatement etc., or not

What amendment was recommended to curtail the refund in respect of goods, which are subjected to export duty?

Amendment in Section 16 of IGST Act and section 54 of CGST Act to curtail refund of GST in cases where export duty is payable.

What was the recommended change in the threshold for reporting B2C inter-State supplies in FORM GSTR-1?

The threshold for reporting of B2C inter-State supplies invoice-wise in Table 5 of FORM GSTR-1 was recommended to be reduced from Rs 2.5 Lakh to Rs 1 Lakh.