CA Shruti Singhal
Quick Summary
The 55th GST Council meeting, held on December 21, 2024, resulted in a series of key decisions aimed at refining India's Goods and Services Tax (GST) framework. All the recommendations affecting small taxpayers have been discussed below. 1. Waiver of late fee on delayed furnishing of FORM GSTR-9C
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FAQ :
The GST Council recommended waiving late fees for delayed filing of FORM GSTR-9C for the periods 2017-18 to 2022-23, provided the forms are filed by 31st March 2025. However, late fees for GSTR-9 will still apply.
The pre-deposit amount for filing appeals has been reduced to 10% of the penalty in cases of detained goods and means of transport, and also for appeals before the Appellate Tribunal involving only a demand of penalty.
No, taxpayers under the Composition Scheme have been excluded from paying GST on rented commercial property under the Reverse Charge Mechanism (RCM) for supplies made since October 10, 2024.
Transactions involving vouchers are now treated as neither a supply of goods nor a supply of services. Unredeemed vouchers (breakage) are also not subject to GST.
Yes, the rate of Compensation Cess on supplies to merchant exporters has been reduced to 0.1%, aligning it with the GST rate for such supplies.
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