Key Recommendations Made In The 53rd GST Council Meeting Held Today | Semantic Taxgen Pvt Ltd


Key Recommendations Made in the 53rd GST Council Meeting Held Today

June 22, 2024
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  1. Waiver of Interest and Penalty on Demand Notices:

   – Association with penal demanded under Section 73 of the Act for the financial years ending 31st March 2018, 2019 and 2020 interest and penalty to be waived on the demand notices.

   – Available only for situations where taxpayer completes the payment of a certain type of tax in full before the end of March in 2025.

  1. Extended Time Limit for ITC:

   – The time limit to claim ITC under Section 16(4) for FYs upto March 2021 will be the invoices thereafter has been provided up to November 30, 2021.

  1. Monetary Thresholds for Departmental Appeals:

   – For appellate authority at the Tribunals, the monetary limit is ₹20 lakh; for High Court, ₹1 crore; and Supreme Court, ₹2 crore.

  1. Reduced Pre-deposit for Appeals:

   – The value of pre-deposit for filing of appeal before the Appellate Authority for both CGST and SGST up to a maximum of ₹ 20 crores up from ₹ 25 crores.

  1. Pre-deposit for Appeals Before Tribunals:

   – In regard to the pre-deposit for appeals before the Tribunals the provision is made to limit to 20 percent with an upper limit of ₹ 20 Crore for each CGST and SGST.

  1. Amendment for Appeal Filing Timeline:

   – The law will be altered so as to state the time frame for filing appeals to tribunals starting from the day that the government make known to the public.

  1. Extended Deadline for Filing GSTR-4:

   – One of the changes is providing additional time to file GSTR-4 which is until June 30 of the year.

  1. No Interest on Cash Ledger Balance:

   – There will be no interest to be levied on the balance amount available in the cash ledgers during the completion of GSTR-3B.

  1. New Form GSTR-1A for Corrections:

  – Introduction of the new forms such as Form GSTR-1A prior to filing Form GSTR-1 to enable correction before filing Form GSTR-3B.

  1. Biometric-based Aadhaar Authentication:

    – Phased Roll out of Aadhaar Authentication through Biometric based System across the country.

  1. Clarifications on Various Issues:

    – Statements released on various topics, among which Revenue Authorities explains that specific items attract a 12% tax.

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