Reetu | Jun 21, 2024 |
GST Council Likely to Rationalize Pre-Deposit Amount
The 53rd GST Council Meeting is going to be held on 22nd June 2024 in New Delhi, as the new government assumes charge. The meeting will be chaired by Finance Minister Nirmala Sitharaman and State finance ministers will also be present there.
In this GST council meeting, the council is possibly to rationalize the pre-deposit amount for entering the first and second stages of appeal. The rate of pre-deposit of the tax could be lowered to 7.5%. Council likely to propose pre-deposit for filing an appeal with appellate authority at 10% of disputed tax or a maximum of Rs.20cr each in CGST and SGST and Rs.40 cr for IGST.
Aside from that, online gaming companies are hopeful that the sector’s 28% goods and services tax (GST) will be reviewed.
Various agendas are also proposed before the GST Council:
The Council is going to consider launching a New GST Form namely GSTR-1A. This new form GSTR-1A is meant to rectify the GST return form GSTR-1. GSTR-1A will allow taxpayers to amend or add records within the same month/ same period after filing GSTR-1, but before filing GSTR-3B.
Form GSTR-1A will include a feature of flexibility in the revision. Currently, taxpayers are unable to change GSTR-1 in the same period after it has been filed. Any changes or missing records must be reported on the GSTR-1 for the next return period.
In this council meeting, the council possibly will reduce the TCS rate collected for the supplies made by the E-Commerce Operators. It is expected that the council will reduce the TCS rate from the present 1% to 0.5 %.
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 variety of services from its main office for which no GST is paid.
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