Reetu | Dec 21, 2023 |
Increasing GST threshold limit to 60 Lakh may be considered by GST Council: FM Nirmala Sitharaman
FM Nirmala Sitharaman said on Wednesday that the GST Council will look into Parliamentarians’ desire to raise the sales threshold for GST Registration; nonetheless, she emphasized that most small firms should ideally be part of the GST chain.
Raising the GST registration threshold from 40 lakh to 60 lakh may be a good idea, according to the minister. “I leave it to the Council to decide but it is also equally true that most small firms should also ideally come on board,” the minister was quoted as saying.
While responding to a discussion in Rajya Sabha on the Central Goods and Services Tax (Second Amendment) Bill, 2023, Sitharaman also took note of Parliamentarians’ requests for the establishment of a national appellate authority for early ruling, as allowed for in GST law.
The Rajya Sabha passed the Central Goods and Services Tax (Second Amendment) Bill, 2023 on Wednesday, raising the maximum age limit for the president and members of the GST Appellate Tribunal and making advocates with 10 years of experience eligible to serve on the tribunal. The Lok Sabha had previously approved the bill.
The minister stated that the trade would welcome an appeal authority for advance rulings, adding, “We recognize the member’s concern.”
In response to Parliamentarians’ suggestions to include petrol and diesel in GST, the minister stated, “I wish state governments could see the point.”
Sitharaman noted that GST law amendments are now being recommended in order to match the GST appellate tribunal with the tribunal reform of 2021 and a Madras high court decision.
According to the minister, there has been constant growth in monthly GST return filing, which has already achieved 90% compliance, up from 71% three years ago.
The Central GST (Second Amendment) Bill, 2023, which was returned by Rajya Sabha on Wednesday, aims to broaden the pool of applicants for judicial members of the tribunal.
The modifications propose a minimum age of 50 years for nomination as President and Members. The President and Members will have a maximum tenure of 70 and 67 years, respectively.
The Provisional Collection of Taxes Bill, 2023, which was also returned by the Rajya Sabha on Wednesday, replaces a 1931 law of the same name. This Bill authorizes the government to implement customs and excise duty changes suggested in the Finance Bills the following day, rather than waiting for the Bills to be passed.
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