Important Decisions were taken in the 50th GST Council meeting details in Summary

News & Updates Leave a comment

Hello Dear CA Students,

We are Sharing With You Very Important Decisions were taken in the 50th GST Council meeting . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your upcoming Exams.

CA STUDY NOTES

Very Important Decisions were taken in the 50th GST Council meeting:

Brief given below:

1. Transporters will not be required to file declaration for paying GST under forward charge every year

2. No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company

3. Relief for taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21

4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023

5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant

6. To provide for physical verification in high risk cases even where Aadhaar has been authenticated.

7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B

8. Supply of food and beverages in cinema halls is taxable at 5%

9. If the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply

10. 28% GST on the value of the chips purchased in casinos

11. 28% GST on the full value of the bets placed in Online Gaming

12. GST Appellate tribunal will be started in a phased manner

13. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23

14. No GSTR-9 for turnover upto 2 crores

15. Input Services Distributor (ISD) mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively

16. Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period

17. Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B

18. Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO

Share this Post with your friends & help them to PASS.

Here all materials, PDFs are provided from various available sources, as we never own them, or scan them, we ar just facilitators, so we are not intentionally violating any laws, still if you feel that something should not be on site, you can contact us through email: infocanotes@gmail.com

JOIN OUR MAILING LIST:

Subscribe to hear from us about new addition to castudynotes.com website and other important stuff.

All PDF which are provided here are for Education purposes only. Please utilize them for building your knowledge. We request you to respect our Hard Work. Our Intention is to provide free Study Materials for all Aspirants and we believe Education Should be free for All, and for the same reason, we gathered everything and assembled at one place.

Disclaimer:-

castudynotes.com does not own this Materials, Test Series or anything we share, neither created nor scanned. we just providing the links already available on Internet. and also we doesn’t Own any trademarks or copyrights of any institute, Teachers and others which we share are purely for Education purpose only and all copyrights and Trademarks lies with the respective Institutes/Comapanies only. We don’t intend to either harm or encash your hard work, if any way you feel that our content violates any Copyrights or any privacy laws or if you have any issue, please let us know at infocanotes@gmail.com and we will definitely try to provide possible solution for the same. Thank you.

kindly Leave a Reply Here