The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the ..
The 39th GST Council meeting will be held on the 14th March 2020, at Vigyan Bhawan, New Delhi. Taxpayers and practitioners have huge expectations from the meeting as the meeting is being held just two weeks before the last date of filing Annual Returns for FY 18-19 and the implementation of the New Return System. Below are some expectations from the 39th GST Council Meeting: 1. Deferment and relaxation of e-Invoicing under GST : The GST Council in its 35th GST Council Meeting ann..
Arjuna (Fictional Character): Krishna, GST Council held its 49th GST Council Meeting at New Delhi on 18th Feb 2023 which was chaired by Finance Minister Nirmala Sitharaman. What was the agenda of the meeting? Krishna (Fictional Character): Arjuna, the GST Council Meeting held on 18th February 2023 recommended various GST amnesty schemes and certain changes in tax rates along with rationalization in Late Fees for Annual return were also proposed. Arjuna (Fictional Character): Krishna, what ..
The 49th GST Council Meeting was held on February 18, 2023, to discuss and make recommendations on several issues related to the Goods and Services Tax. The Council proposed several recommendations, including compensation for GST, GST Appellate Tribunal, capacity-based taxation, and special composition schemes for certain sectors. One of the significant decisions taken by the Government of India was to clear the entire pending balance of GST compensation for June 2022, which amounts to Rs. 16..
1. Time Limit Extension Under Section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 Taxpayer application for revocation of cancellation of registration and one time amnesty for past cases: the time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days; where the registered person fails to apply for such revocation within 90 days, the said time period may be extended by the Commissioner or an officer authorised by him..
Recommendations of 49th GST Council Meeting Government of India to clear entire pending balance GST compensation of Rs. 16,982 crore for June’2022 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 M..
GST Council meeting is likely to be rescheduled to first week of March. Earlier, it was scheduled to take place on February 18. Sources confirmed to businessline about the new schedule. It is believed that since many State Assemblies are having Budget sessions, it may be difficult for the Minister in-charge of Finance or any nominated one to attend the meeting in-person on February 18. The meeting will discuss, among other things, reports of Group of Ministers on Part agenda of the meeting..
The GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, will meet on February 18. "The 49th meeting of the GST Council is scheduled to be held at New Delhi on February 18, 2023," the GST Council said in a tweet on Friday. The council may take up a discussion on the report of a group of ministers on taxation of 'pan masala' and 'gutka' firms and a report by a Group of Ministers (GoM) on setting up of appellate..
The CBIC vide Circular No. 189/01/2023-GST dated January 13, 2022 has issued clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on December 17, 2022. Based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022, clarifications, with reference to GST levy, related to the following are being issued through this circular: Rab-classifiable under Tariff headin..
48th GST Council meeting was held on 17th Dec 2022 via virtual modes, in which some changes were made in GST Law - more particular, in relation to Provisions for curtailing Fake Invoices - Changes in GST Registration Procedure, Relief to deal with ITC mismatch cases for FY 2017-18 and FY 2018-19, Intimation for tax payment in case of difference in GSTR 1 & 3B Refund of GST to Home buyer/others on cancellation of agreement/contract, Simplification of appeal procedure and Few o..
Finance Minister Nirmala Sitharaman will chair the 48th GST Council meeting virtually today. The Federal indirect tax body may consider over a dozen of changes to bring clarity to tax provisions. At today's meeting, "central and state finance ministers will consider clarifying on provisions relating to e-invoicing requirement of businesses, treatment of statutory dues under GST law in the case of bankrupt businesses in tribunals, a tax credit for corporate social security r..
You may wonder the impact of the recommendations of the GST Council meeting concluded on 29th and 30th June 2022. We bring a concise summary of changes pursuant to said meeting for better understanding – What became cheaper Ostomy Appliances Orthopaedic appliance, intraocular lens, artificial body parts, body implants Specified defence items Goods/passenger transport b..
The GST Council met for the 47th time on 28th& 29th June 2022 at Chandigarh. The Council discussed and approved: (i) Recommendations relating to GST rates on Goods and Services; (ii) withdrawal of exemptions on certain goods and Services; (iii) Clarification on GST Rate on certain goods/services; (iv) Measures for trade facilitation; and (v) Measures to streamline GST Compliance. The changes in rates shall come into effect from 18th July 2022. (i) Recommendati..
The much-awaited GST Council meeting will take place in Chandigarh today and tomorrow. The Council is likely to take up issues such as rate changes on a handful of items, including diamonds and ostomy appliances. It is also expected to discuss a group of ministers' (GoM) report on the imposition of a 28 per cent tax on online gaming, casinos and horse racing. Here's all about the GST Council and its ongoing two-day meeting. What is GST Council? The GST Council, formed in 2016 after..
The GST Council on Sunday said the location of its 47th meeting, which will be held during June 28-29, has been changed to Chandigarh, from Srinagar decided earlier. The Council-appointed group on ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai, has already conducted its meeting to discuss various, including changes to tax slabs and rates. The GoM will submit its report before the GST Council meeting. "The 47th meeting of the GST Council will be held on 28-29 June, 2..
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 28 and 29 in Srinagar. "The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar," the Finance Minister's office tweeted. This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Council was held on May 18 and 19 in the city. GST..
Existing GST rates in textile sector to continue beyond 1st January, 2022 The GST Council’s 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022. ..
The Government has amended the CGST Rules, 2017 vide Notification No. 35 / 2021 - Central Tax and Notification No. 36 / 2021 - Central Tax, Dated 24th September 2021 in order to bring into effect some of the recommendations made in the 45th GST Council Meeting. The brief of these amendments are as under- 1. Aadhaar authentication made mandatory for filing refund claims and applications for revocation of cancellation of registration Rule 10B has been inserted newly whereby Aadhaar authen..
Introduction The 45th GST Council Meeting was held on 17th September, 2021 under the chairmanship of Honorable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States & UTs and Senior officers from Union Government & States. Also, it is important to note here that this was the first in person meeting that happened in the last two years. Let us have a look a..
Arjuna (Fictional Character): Krishna, GST Council held its 45th GST Council Meeting at Lucknow on 17th September 2021. What are the recommendations by GST Council relating to changes in GST law and other procedures? Krishna: Arjuna, the GST Council has taken the following measures for streamlining compliances in GST & in relation to GST law and other procedures- 1. Requirement of filing FORM GST ITC-04 under rule 45 (3) of the CGST Rules has been relaxed as under: a. Taxpayers whos..
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