49th GST Council Meeting – FinancePost
Past current on March 1st, 2023 at 03:59 pm49th GST Council Meeting
The 49th GST Council Conference was held on 18th February 2023 in New Delhi beneath the Chairmanship of Finance Minister Nirmala Sitharaman. This meeting is being executed in a span of 3 weeks from the Union Budget 2023. Before long immediately after the 48th assembly, whilst addressing the media, Finance Minister mentioned that the subsequent meeting will be held in January 2023.
Crucial decisions of the 48th GST Council Assembly which necessary amendments to the GST Act were being incorporated in the Finance Bill 2023. (Important takeaways of 48th GST Council Assembly)
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Meeting
49th GST Council Conference
Date
18th February 2023
Chairperson
Finance Minister Nirmala Sitharaman
Location
Vigyan Bhavan, New Delhi
Attendees
Finance Ministers of all the states
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Major & recent GST updates that just one will have to know
⇒ The new functionality of “Initiating Drop Proceeding” (Automated Drop Proceedings) for suspended GSTINs for non-filing of GST returns has been released.
⇒ The new button “Re-compute Interest” is introduced in Desk 5.1 of GSTR-3B.
⇒ Facility to file an software for the progress ruling by unregistered folks is enabled.
⇒ Damaging values will auto-populate in Table 4 of GSTR-3B which will mirror the influence of credit score notes on the web off foundation in Desk 4(A) of GSTR 3B. Before the ITC reversal relating to credit score notes was auto-populating n Desk 4B(2) of GSTR 3B.
Important Takeaways of 49th GST Council Meeting
⊗ GST Appellate Tribunals – Recommendations of GoM on location up GST Appellate Tribunals have been approved with specific amendments.
⊗ GST Payment Cess – Overall GST Payment Cess of Rs 16,982 crores will be cleared right now. The Centre shall release the payments from their resources and recoup from the future assortment.
⊗ Particular Composition Plan – For sure industries, a special composition scheme will be launched. i.e. PAN masala, Gutkha, Tobacco and so on
⊗ GST Rate Rationalization
Pencil Sharpener price was reduced from 18% to 12%. – Notified vide CGST(Price) Notification no. 03/2023 dated 28th Feb 2023 successful from 1st March 2023
Raab (liquid jaggery) charge was decreased from 18% to Nil (if loose) – Notified vide CGST(Fee) Notification no. 04/2023 dated 28th Feb 2023 efficient from 1st March 2023
Raab (liquid jaggery) rate was lowered from 18% to 5% (if packaged & pre-labelled) – Notified vide CGST(Charge) Notification no. 04/2023 dated 28th Feb 2023 efficient from 1st March 2023
Info Loggers level was lowered from 18% to .
⊗ Rationalization of late fees – Late Charges u/s 47 for the delay in filing of GST Once-a-year Return in Kind GSTR 9 for compact taxpayers for FY 2022-23 and onwards has been rationalized.
Taxpayers whose AATO is up to Rs 5 Crores will be Rs 50 per working day(Rs 25 CGST+Rs 25 SGST)
Taxpayers whose AATO is in between Rs 5 Crores to Rs 20 Crores will be Rs 100 per working day (Rs 50 CGST+Rs 50 SGST)
Issue to a optimum of .04% of turnover (.02% CGST + .02% SGST) for taxpayers whose AATO is up to Rs 20 crores.
⊗ GST Amnesty Scheme for pending returns- For pending, GST returns amnesty techniques offering conditional waiver/reduction shall be announced
GSTR 4 – Annual Return of Composition Taxpayers
GSTR 9 – Once-a-year Return of Common Taxpayers
⊗ Finest Judgement Evaluation (Sec 62)
The time interval of furnishing return in Type GSTR 3B or GSTR 10 in reaction to notice u/s 62(1) was amplified from 30 days to 60 times. This sort of a time period is extendable to a more period of 60 times.
Amnesty plan from greatest judgement assessment orders – In previous instances where by non-filers could not file involved returns inside of 30 times but had filed up to a specified day along with interest and late fees then it will be thought of as considered withdrawn even if the enchantment was filed or decided.
⊗ Applicability of RCM – GST will be relevant on an RCM foundation on industrial expert services furnished by the Court docket.
⊗ Software for Revocation – The time restrict for generating an software for revocation of cancellation of registration is enhanced to 90 times from 30 days. The period to file an software for revocation can be more increased by one more 90 times by the Commissioner or an officer licensed by Commissioner.
⊗ Amnesty in submitting application for revocation – In scenarios exactly where registration was cancelled for non-submitting of return and application for revocation could not be filed inside of the recommended time limitations. For these kinds of past scenarios, an amnesty plan for submitting revocation programs shall be launched with situations.
⊗ The pursuing were being not section of today’s conference agenda
GST on on line gaming
GST amount on cement
GST charge on NUV
Notice: The recommendations/selections of the GST Council shall be effective only when notifications/circulars are issued through the Official Gazette.
Chartered Accountant in practice, DipIFRS (from ACCA, Uk), Publish Graduate in Commerce, Qualified Independent Director (from IICA), and retains a certification in Fx and Treasury Management training course (by ICAI).She can be contacted at data.financepost@gmail.com Newest posts by CA Ankita Khetan (see all)
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