GST Amnesty Scheme, Clarification for Foreign Airlines, Rate Reduction for Online Gaming Companies, etc. are some of the expectations from the upcoming GST Council Meeting.
CA Pratibha Goyal | Jun 19, 2024 |
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.
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.
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.
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.
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