Quick Summary
The 53rd GST Council meeting, held today, introduced several significant changes aimed at easing the tax burden on taxpayers and reducing litigation. Here are the key highlights from the meeting GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025. G
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FAQ :
The GST Council recommends 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, provided the full tax demanded is paid by 31 March 2025. This applies to cases not involving fraud or wilful misstatement.
The council has recommended setting monetary limits for government appeals: Rs. 20 lakh for the GST Appellate Tribunal, Rs. 1 crore for High Courts, and Rs. 2 crore for the Supreme Court. They also recommended reducing the quantum of pre-deposit required for filing appeals.
Yes, the time limit to avail ITC for invoices or debit notes for FY 2017-18 to 2020-21, filed through GSTR 3B up to 30 November 2021, may be deemed as 30 November 2021. Amendments are also recommended for cases where returns were filed after revocation of registration.
The council recommended a 12% GST on milk cans, cartons/boxes of paper or paperboard, solar cookers, and sprinklers. A uniform 5% IGST will apply to imports of aircraft parts, components, and tools under certain conditions.
Interest will not be levied under Section 50 of the CGST Act for delayed return filing on amounts available in the Electronic Cash Ledger on the due date of the return.
The GST Council recommended a sunset clause from 1 April 2025 for the receipt of any new applications for anti-profiteering.
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