Finance Minister, Nirmala Sitharaman, chaired the 53rd GST Council meeting in New Delhi on Saturday. The meeting was attended by finance ministers from states and Union Territories.
The GST Council has taken decisions on trade facilitation, compliance burdens, and taxpayer relief, according to the Finance Minister. Sitharaman while appraising the press on key decisions taken in the meeting, said, "This will help us to combat fraudulent input tax credit claims made through fake invoices in the cases."
There will be another meeting Post the budget session, said Sithraman.
GST COUNCIL MEETING: MAJOR TAKEAWAYS
The GST Council recommended waiving interest and penalties for demand notices that have been issued under Section 73 of the GST Act, including cases not involving fraud, suppression or misstatements.
Monetary limits set for filing appeals by the department:
- Rs 20 lakh for GST appellate tribunal
- Rs 1 crore for High Court
- Rs 2 crore for Supreme Court
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, which is the maximum amount of pre-deposit for filing appeals before the appellate authority.
Further, in order to help small taxpayers, the Council has recommended extending the time limit to furnish the details and the returns in the form GSTR 4 from April 30 to June 30, Sitharaman said, adding that this will apply for returns for the Financial Year 2024- 25 onwards.
Uniform GST rates recommended:
- 12 per cent for all milk cans
- 12 per cent for all carton boxes
- 12 per cent for all sprinklers, including fire water sprinklers
Exemption of GST for services provided by Indian Railways, including platform tickets.
Pan-India rollout of biometric-based Aadhaar authentication to combat fraudulent input tax credit claims made through fake invoices.
GST Council: What is it and what does it do?
The GST Council is a constitutional body responsible for overseeing the implementation and regulation of the Goods and Services Tax (GST). The Council is chaired by the Union Finance Minister and comprises state finance ministers.
The GST Council makes recommendations on various GST-related matters, including:
- Tax rates
- Exemptions
- Thresholds
- Administrative processes
The primary aim of the Council is to ensure uniformity and efficiency in the GST system across the country.
The Council typically meets periodically, with meetings held as needed to address pressing issues. Meetings are usually held every few months. The last meeting concluded on October 7, 2023.
