Key Recommendations made by the 53rd GST Council meeting held today:
1. Waiver of Interest and Penalty
Waiver of interest and penalty on demand notices issued under Section 73 for FY 2017-18, 2018-19, and 2019-20, applicable where tax is paid entirely by March 2025.
2. Extended Time Limit for ITC
Time limit to avail ITC u/s 16(4) extended to 30th November instead of October for FY 2017-18, 2018-19, 2019-20, and 2020-21.
3. Monetary Limits for Appeals
Monetary limit for filing appeals by the tax department set at ₹20 lakh for the tribunal, ₹1 crore for the High Court, and ₹2 crore for the Supreme Court.
4. Reduced Pre-Deposit for Appellate Authority
Maximum amount of pre-deposit for filing an appeal before the appellate authority reduced from ₹25 crore to ₹20 crore each for CGST and SGST.
5. Reduced Pre-Deposit for Tribunal
Pre-deposit for filing an appeal before the tribunal reduced to 20% and ₹20 crore each for CGST and SGST.
6. Amendment in Appeal Time Limits
Amendment in law to provide that the time limit for filing appeals before the tribunal will start from the date the government notifies it.
7. Extension of GSTR-4 Filing Deadline
Extension of time limit to file GSTR-4 till 30th June.
8. No Interest on Cash Ledger Amount
Interest will not be charged for the amount available in the cash ledger at the time of filing GSTR-3B.
9. New Form GSTR-1A
Insertion of new Form GSTR-1A to allow corrections in GSTR-1, which can be filed before filing GSTR-3B.
10. Biometric Aadhar Authentication
Biometric-based Aadhar authentication on a PAN-India basis in a phased manner.
11. Various Clarifications Issued
Clarifications issued on various topics, including:
- 12% tax rate for milk cans
- Uniform GST rate of 12% on all carton boxes
- Clarification that all types of sprinklers will attract 12% GST and past practice to be continued
- 12% rate on all solar cases
- Services by railways, platform tickets, and other services are exempt
- Service of hostel accommodation outside educational institutions made exempt with conditions
Regards,
CA Amit kumar Sharma
9457417254
