Quick Summary
The 57th GST Council meeting has proposed a wide range of reforms aimed at making GST compliance simpler, reducing taxpayerofficer interface and improving cash flow for businesses. The recommendations cover GST registration, return filing, refunds, input tax credit, appeals, prosecution, e-way bills, exports and small taxpayers. Several proposals are particularly significant for businesses and tax professionals, including the proposed withdrawal of GST arrest powers, a higher prosecution thresh
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FAQ :
Yes, the GST Council has recommended the removal of arrest provisions under GST.
The prosecution limit for GST offenses has been raised from £1 crore to £5 crore.
Yes, the general penalty has been reduced from £25,000 to £10,000, and a reduced penalty of 5% is recommended in non-fraud cases where tax and interest are paid promptly.
The Council recommended faster, system-based automated processing of refunds, with reduced timelines for acknowledgements and provisional sanctions for certain refund claims.
The Council recommended streamlining the registration process with clearer guidelines, user-friendly interfaces, and automatic acceptance of amendments for most registration particulars.
Yes, the Council recommended wider eligibility for input tax credit, including for capital goods and input services in certain refund scenarios, and rationalisation of blocked ITC provisions.
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