Key Recommendations made by the 53rd GST Council

Karwa & Associates June 22, 2024 GST 0

Key Recommendations made by the 53rd GST Council meeting held today:

1. Waiver of Interest and Penalty

Waiver of interest and penalty on demand notices issued under Section 73 for FY 2017-18, 2018-19, and 2019-20, applicable where tax is paid entirely by March 2025.

2. Extended Time Limit for ITC

Time limit to avail ITC u/s 16(4) extended to 30th November instead of October for FY 2017-18, 2018-19, 2019-20, and 2020-21.

3. Monetary Limits for Appeals

Monetary limit for filing appeals by the tax department set at ₹20 lakh for the tribunal, ₹1 crore for the High Court, and ₹2 crore for the Supreme Court.

4. Reduced Pre-Deposit for Appellate Authority

Maximum amount of pre-deposit for filing an appeal before the appellate authority reduced from ₹25 crore to ₹20 crore each for CGST and SGST.

5. Reduced Pre-Deposit for Tribunal

Pre-deposit for filing an appeal before the tribunal reduced to 20% and ₹20 crore each for CGST and SGST.

6. Amendment in Appeal Time Limits

Amendment in law to provide that the time limit for filing appeals before the tribunal will start from the date the government notifies it.

7. Extension of GSTR-4 Filing Deadline

8. No Interest on Cash Ledger Amount

Interest will not be charged for the amount available in the cash ledger at the time of filing GSTR-3B.

9. New Form GSTR-1A

Insertion of new Form GSTR-1A to allow corrections in GSTR-1, which can be filed before filing GSTR-3B.

10. Biometric Aadhar Authentication

11. Various Clarifications Issued

12% tax rate for milk cans
Uniform GST rate of 12% on all carton boxes
Clarification that all types of sprinklers will attract 12% GST and past practice to be continued
12% rate on all solar cases
Services by railways, platform tickets, and other services are exempt
Service of hostel accommodation outside educational institutions made exempt with conditions

Download the full pdf from below:

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Karwa and Associates

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