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Arjuna (Fictional Character): Krishna, GST Council held its 48th GST Council Meeting at New Delhi via virtual mode on 17th Dec 2022 which was chaired by Finance Minister Nirmala Sitharaman. What was the agenda of the meeting?

Krishna (Fictional Character): Arjuna, the GST Council Meeting held on 17th Dec 2022 recommended measures for the facilitation of trade and measures for streamlining compliances in GST. There hasn’t been any tax increase on any item. No new taxation has been brought in. Everything that has been done is to issue clarifications where the ambiguity of interpretations prevailed.

Arjuna (Fictional Character): Krishna, what are some of the major recommendations of the meeting?

Krishna (Fictional Character): Arjuna, the following are some of the recommendations of the meeting:

1. Decriminalization under GST: To raise the minimum threshold of tax amount for launching prosecution under any criminal offence defined under the GST laws from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or services or both.

2. Decriminalization certain offences specified under CGST ACT,2017 :

a) Sec 132(1)(g) obstruction or preventing any officer in discharge of his duties,

b) Sec 132(1)(j) deliberate tempering or destroying of material evidence and documents and

c) Sec 132(1)(k) failure to supply the information or supplies false information

3. GST Rate on Husk of pulses: GST Rate on Husk of pulses including chilka and concentrates including chuni/churi, khanda-a key ingredient of cattle feed to be reduced to 0% from 5%.

4. GST on residential dwelling: No GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his business.

5. Refund to unregistered person: To issue a circular, prescribing the procedure for filing an application of refund of tax borne by the unregistered buyers in cases where the contract/ agreement for the supply of services, like construction of flat/house and long-term insurance policy, is cancelled and the time period of issuance of credit note by the concerned supplier is over. The Council also recommended amendments in CGST Rules, 2017.

6. Diff on account of GSTR-3B vs GSTR-2A of 2017-18 and 2018-19: To issue a circular in order to remove ambiguity and legal disputes on issues regarding Procedure for verification of input tax credit in cases involving differences in input tax credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR-2A during FY 2017-18 and 2018-19.

7. More 3 years filling period: Following Sections to be amended to restrict the filing of returns/statements to a maximum period of three years from the due date of filing of the relevant return /statement.

a) Section 37: Furnishing details of outward supplies (GSTR-1),

b) Sec 39: Furnishing of returns(GSTR-3B),

c) Sec 44 Annual return (GSTR-9),

d) Sec 52 Collection of tax at source(GSTR-8)

Arjuna (Fictional Character): Krishna, what should one learn from this?

Krishna (Fictional Character): Arjuna, the detailed press release for the same can be accessed from the CBIC website. The recommendation of the GST Council would be given effect through the relevant circulars/notifications/law amendments which alone shall have force in law.

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1. Central Council Member of ICAI. 2. Vice-Chairman of WIRC of ICAI for the period 2015-2021. 3. Youngest Chairman of Aurangabad Branch of WIRC of ICAI in 2002. 4. Author of Popular Tax articles series based on Krishna and Arjuna conversation i.e “KARNEETI” published in Lokmat on every View Full Profile

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One Comment

  1. vswami says:

    LO! me wrong (!); thought that was in the 48th (OR ?) Meet that deliberated – to further deliberate, -the years’ long pending GSTAT in the wait !?

    For more > POSTS on FB and LINKEDin ; making a spl. mention of INCLUSION of ‘TECHNICAL MEMBER’ with a ‘jurisprudential’ ROLE to PLAY !?!

    (just for courtesy sake (X GOODness sake)

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