The GST Council, led by Finance Minister Smt. Nirmala Sitharaman, has announced key recommendations to streamline GST compliance and facilitate trade. Here are some major highlights:
🔹 Interest and Penalty Waiver: Waiving interest and penalties for FY 2017-18 to 2019-20 if full tax is paid by 31.03.2025.
🔹 Input Tax Credit Deadline: Extended the time limit for availing ITC on invoices/debit notes up to 30.11.2021 for FY 2017-18 to 2020-21.
🔹 Monetary Limits for Appeals: New limits set for filing appeals to reduce litigation:
GST Appellate Tribunal: ₹20 lakhs
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📢 Important GST Updates from the 53rd GST Council Meeting!
The GST Council, led by Finance Minister Smt. Nirmala Sitharaman, has announced key recommendations to streamline GST compliance and facilitate trade. Here are some major highlights:
🔹 Interest and Penalty Waiver: Waiving interest and penalties for FY 2017-18 to 2019-20 if full tax is paid by 31.03.2025.
🔹 Input Tax Credit Deadline: Extended the time limit for availing ITC on invoices/debit notes up to 30.11.2021 for FY 2017-18 to 2020-21.
🔹 Monetary Limits for Appeals: New limits set for filing appeals to reduce litigation:
GST Appellate Tribunal: ₹20 lakhs
High Court: ₹1 crore
Supreme Court: ₹2 crores
Stay informed and compliant! 💼📊
#GSTUpdates #FinanceNews #TaxCompliance #BusinessUpdates #GSTCouncil #NirmalaSitharaman #InputTaxCredit #TaxReform #BusinessNews #IndiaEconomy
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