Quick Summary
Recommendations of 49th GST Council Meeting Government of India to clear entire pending balance GST compensation of Rs. 16,982 crore for June2022 GST Council adopts report of Group of Ministers (GoM) on GST Appellate Tribunal with certain modifications GoM report on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST approved Changes in GST rates of Rab and Pencil Sharpner The 49th GST Council met under the Chairpersonship of Union Minister for Finance
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FAQ :
The Government of India will clear the entire pending balance GST compensation of Rs. 16,982 crore for June 2022.
The GST Council adopted the report of the Group of Ministers (GoM) on the GST Appellate Tribunal with certain modifications. Amendments to GST laws will be circulated for comments.
Yes, GST rates have been changed for 'Rab', reducing it from 18% to 5% when sold prepackaged and labelled, and to Nil when sold otherwise. The rate for pencil sharpeners has been reduced from 18% to 12%.
The Council approved recommendations for capacity-based taxation and special composition schemes for sectors like pan masala and gutkha, including measures to plug leakages and improve revenue collection, and changing the compensation cess from ad valorem to specific tax based levy.
Yes, the time limit for applying for revocation of cancellation of registration has been increased from 30 days to 90 days, with a possibility of further extension by the Commissioner.
For FY 2022-23 onwards, the late fee for delayed filing of annual returns (GSTR-9) has been rationalised for taxpayers with turnover up to Rs. 20 crore, with reduced daily rates and maximum limits.
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