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Understand the essence of GST Council meeting in 10 points, how beneficial it is for common people

Sagar Patel

By Sagar Patel

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Nirmala Sitharaman at the GST Council meetingImage Credit Source: PTI

At the 53rd GST Council meeting, Finance Minister Nirmala Sitharaman announced biometrics-based Aadhaar authentication to check fake invoices. In the briefing after the council meeting, the Finance Minister said that biometric-based Aadhaar authentication will be started across the country. This will help us deal with false input tax credit claims made through fake invoices. Let us understand the essence of all the important announcements made by the Council in 10 points.

Understand the essence of the GST Council in 10 points

  1. Sitharaman also announced that the GST Council has recommended extending the return filing deadline for small taxpayers from April 30 to June 30.
  2. To help small taxpayers, the Board has recommended extending the deadline for providing details and declarations in GSTR Form 4 from April 30 to June 30. This will be applicable to the declarations for the 2024-25 financial year.
  3. The GST Council has recommended waiver of interest and penalty for demand notices issued under Section 73 of the GST Act, even in cases involving fraud, oppression or misrepresentation.
  4. Services like platform tickets are exempted from GST by Indian Railways. The Finance Minister said the GST Council recommended a uniform rate of 12 per cent for all milk cartons. Additionally, the GST Council has granted an exemption of Rs 20,000 per person per month on income earned through hostel accommodation outside educational institutions.
  5. Sitharaman said in a briefing after the 53rd GST Council meeting that today in the 53rd GST Council meeting several decisions have been taken on trade facilitation, reduction of compliance burden and relief to taxpayers in terms of ease of compliance. Therefore, this will benefit traders, MSMEs and taxpayers.
  6. For all notices issued under Section 73 for the financial years 2017-18, 2018-19 and 2019-20, the Council has recommended waiver of interest and penalty on demand notices served.
  7. Benefit of input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act submitted before 30-11-2021 for financial years 2017-18, 18-19, 19-20 and 20-21. The time limit for the lifting can be considered to be from 2011 to 2021. Therefore, the Council has made a recommendation to make the same modifications necessary as before 1 July 2017.
  8. The Finance Minister further announced that the GST Council has recommended monetary limits for filing appeals by the department in various courts. To reduce government litigation, the Council has recommended a monetary limit of Rs 20 lakh for the GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing appeals by the department.
  9. The Minister said the Council also recommended that the maximum pre-deposit amount for filing appeals before the Appellate Authority be reduced from Rs 25 million CGST and Rs 25 million SGST to Rs 20 million CGST and Rs 20 million SGST. Please note that this is the maximum pre-deposit amount to file an appeal with the appellate authority.
  10. Andhra Pradesh Finance Minister P Keshav on Saturday said the GST Council has forwarded the recommendation to the Group of Ministers to exempt the fertilizer sector from the current five per cent GST.
Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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