Key Recommendations made by 53rd GST Council Meeting

The 53rd GST Council Meeting was held today in New Delhi under the chairmanship of Finance Minister Nirmala Sithraman.

Recommendations made by GST Council:

• Waiver of interest and penalty on demand notices issued under Section 73 for the financial years 17-18, 18-19, and 19-20. (Applicable in cases if all taxes are paid by March 2025).
• The deadline for claiming input tax credit on any invoice or debit note filed under section 16(4) of the CGST Act filed up to 30-11-2021 for the financial years 2017-18, 2018-19, 2019-20 and
  2020-21 can be taken as 30-11-2021.
• The monetary limit for filing an appeal by the tax department is Rs.20 lakh for GSTAT, Rs.1 Crore for High Court and Rs.2 Crore for Supreme Court.
• The maximum amount of pre-deposit for filing an appeal before the appellate authority has been reduced from Rs.25 crores to Rs.20 crores for both CGST and SGST.
• The amendment to the law states that the time limit for submitting an appeal before the tribunal will begin on the date the government notifies GSTAT.
• ⁠Extension of due date to file GSTR-4 till 30th June.
• Interest will not be imposed on the amount accessible in the cash ledger at the time of filing GSTR-3B.
• Introduction of a new Form GSTR 1A to allow for GSTR 1 corrections. It will be possible to file it before submitting GSTR-3B.
• Biometric-based Aadhar authentication will be implemented in a phased manner across PAN- India.

⁠Clarification was also issued on various topics and a few of them are given below:

• 12% tax rate imposed for Milk Can.
• A uniform GST rate of 12% on all Carton boxes.
• It is clarified that on all types of sprinklers 12% of the tax rate will be levied and past practice to be as is.
• Solar cases attract a 12% GST rate.
• Exemption on Services by railways, Platform tickets and Other services.
• Service of hostel accommodation outside of Educational Institutions made exempt with conditions.

Click Here to Read Full Recommendations of GST Council