Big Expectations from Upcoming GST Council Meet: Amnesty Scheme Expected:

Big Expectations from Upcoming GST Council Meet: Amnesty Scheme Expected As per news reports, businesses are urging the GST Council to prioritize a GST Amnesty Scheme to clear Tax Disputes arising from the implementation of GST Law. A GST scheme to settle past issues without heavy penalties and reduce the burden of courts is the need of the hour.

Other expected Agenda's

Another issue is that the rate of pre-deposit of the tax could be lowered to 7.5%. Currently Minimum of 10% of the disputed amount needs to be paid as pre-deposit before filing an appeal. Next, the online gaming companies are also hoping for a review of the 28% goods and services tax (GST) on the sector.

Clarification for Foreign Airlines

The Directorate General of GST Intelligence (DGGI) has sent tax notices to numerous foreign airlines and shipping lines; the Council is expected to provide clarification on this matter. According to the DGGI, the local business imports a number of services from the parent office for which no GST has been paid.

New GSTR-1A Form

Another expected update is, GST Council might launch a new form GSTR-1A to allow taxpayers to amend or add records within the same month/ same period after filing GSTR-1 and before filing GSTR-3B. This will pave way for Revision of GST Returns, and will be a huge relief if happens.