GST Council Meeting Updates : Govt Shows intent to Bring Petrol Diesel under GST and much more

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We are Sharing With You GST Council Meeting Live Updates . So kindly Check Out our http://www.castudynotes.com website .

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We are Sharing more detailed summary of the key decisions and discussions from the 53rd GST Council meeting held on June 22, 2024:

  • Inclusion of Petrol and Diesel under GST:
  • The central government expressed a clear intent to bring petrol and diesel under the GST regime, highlighting the need for consensus among all states regarding the applicable GST rates. This move aims to simplify the taxation structure and potentially reduce consumer prices by eliminating cascading taxes.
  • Exemptions and Rate Rationalization:
  • Services provided by the Indian Railways to the common man, such as platform tickets, retiring rooms, waiting rooms, and battery-operated car services, have been exempted from GST. This exemption is expected to ease the financial burden on railway passengers and encourage the use of public transport.
  • Hostel accommodation services provided to students outside educational institutions will now be exempted from GST, aligning with existing exemptions for those within educational institutions. This clarification aims to ensure uniform treatment across different types of student accommodation.
  • A uniform GST rate of 12% has been recommended for all milk cans made of steel, iron, or aluminum, irrespective of their use. Similarly, a 12% GST rate has been prescribed for all carton boxes, including both corrugated and non-corrugated varieties. This decision is particularly beneficial for industries like milk processing and packaging, as well as agricultural sectors in states like Himachal Pradesh and Jammu & Kashmir.
  • Additionally, the council clarified that all types of sprinklers, including fire water sprinklers, will attract a 12% GST rate. Solar cookers also fall under the 12% GST bracket, aiming to promote sustainable energy solutions across the country.
  • Biometric Authentication for Invoicing:
  • In a significant move to combat fake invoicing and enhance GST compliance, the council approved the phased implementation of biometric authentication nationwide. This measure is expected to strengthen the invoicing system, reduce fraudulent activities, and ensure the integrity of GST collections.
  • Changes in Appeal Filing Limits:
  • To facilitate easier dispute resolution for small taxpayers, the council reduced the maximum amount required for filing appeals under CGST from Rs 25 crore to Rs 20 crore. This adjustment aims to alleviate the financial burden on smaller businesses and individuals involved in GST disputes.
  • Litigation and Penalty Waivers:
  • As part of efforts to reduce litigation and provide relief to taxpayers, the council announced the waiver of interest and penalties for cases under Section 73 for the financial years 2017-18, 2018-19, and 2019-20. Taxpayers will benefit from these waivers provided they pay the outstanding taxes by March 31, 2025. This initiative aims to promote voluntary compliance and resolve pending tax disputes amicably.
  • Next Steps and Future Meetings:
  • The council decided to reconvene for its next meeting in mid-August 2024 to discuss pending agenda items and review the progress made on rate rationalization by the Group of Ministers (GoM). Discussions on reducing GST rates on fertilizers and other essential commodities were deferred to subsequent meetings following the budget session.
  • The Finance Minister highlighted the importance of continuous dialogue and collaboration among states and union territories to address challenges and streamline the GST framework effectively.

Assure GST assessees that govt working towards new compliance, says FM Sitharaman

1.96% of all active tax assessees have been sent tax notices from central gst till Dec 31, 2014. Only 114939 have received tax notices from Central GST says FM

States sought increase interest free capex loan further. In interim budget it was raised to Rs 1.30 lakh crore, says FM

CBIC Chairman: Corporate guarantee of 1% on 18% exempt for businesses where full ITC is available

The repayment of back to back GST loans to extend beyond March 31, 2025, but before March 31, 2026.States sought special package for Amravati, says FM

On the 53rd GST Council Meeting, Union Finance Minister Nirmala Sitharaman says “Bihar Deputy Chief Minister Samrat Choudhary has been made the Chairman of GoM of Rate Rationalisation. In the next meeting, Samrat Choudhary will submit a status quo report on the work done for the rate Rationalisation. After that, we will start work on start rate Rationalisation

These decisions and discussions underscore the council’s commitment to enhancing GST compliance, rationalizing tax rates, and providing relief to taxpayers, thereby strengthening India’s indirect tax regime for sustainable economic growth.

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