GST
TRT-2025-
Date:-18-02-23
In:-
Issue Favourable to Tax Payer ?:-
The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today. Key recommendations were made:
- Government of India has decided to clear the entire pending balance GST compensation of Rs. 16,982 crore for June’2022
- For setting up GST Appellate Tribunal, Council adopted the report of Group of Ministers with certain modifications. The final draft amendments to the GST laws shall be circulated to Members for their comments.
- For commodities like pan masala, gutkha, chewing tobacco, the Council approved the recommendations of the GoM including, inter alia, that
the capacity based levy not to be prescribed; exports of such commodities to be allowed only against LUT with consequential refund of accumulated ITC; Compensation cess levied on such commodities to be changed from ad valorem to specific tax based levy to boost the first stage collection of the revenue. - Nil GST Rate on ‘Loose Rab’, 5% on Packaged and labelled Rab
- GST rate on pencil to refund from 18% to 12%
- Notification amended so that exemption benefit covers both coal rejects supplied to and by a coal washery, arising out of coal on which compensation cess has been paid and no input tax credit thereof has been availed by any person.
- To extend the exemption available to educational institutions and Central and State educational boards for conduct of entrance examination to any authority, board or a body set up by the Central Government or State Government including National Testing Agency for conduct of entrance examination for admission to educational institutions.
- To extend the dispensation available to Central Government, State Governments, Parliament and State Legislatures with regard to payment of GST under reverse charge mechanism (RCM) to the Courts and Tribunals also in respect of taxable services supplied by them such as renting of premises to telecommunication companies for installation of towers, renting of chamber to lawyers etc.
- Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases
- Time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days, further extendable by Commissioner to 180 days
- Rationalisation of Late fee for Annual Return: Registered persons having an aggregate turnover of up to Rs. 5 crores in the said financial year: Rs 50 per day (Rs 25 CGST + Rs 25 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).Registered persons having an aggregate turnover of more than Rs. 5 crores and up to Rs. 20 crores in the said financial year: Rs 100 per day (Rs 50 CGST + Rs 50 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).
- Place of supply of services of transportation of goods, in cases where location of supplier of services or location of recipient of services is outside India, shall be the location of the recipient of services.
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