GST Council meet: 10 big announcements by FM Nirmala Sitharaman
Nirmala Sitharaman made top announcements during a press briefing after the GST Council meeting on June 22. Here are the top 10 announcements.
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The finance minister announced biometric-based Aadhar authentication to check fake invoicing.
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The GST Council recommended extending the time for small taxpayers to submit their returns from April 30 to June 30.
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The Council also recommended waiving interest and penalties for demand notices issued under Section 73 of the GST Act, including cases not involving fraud, suppression, or misstatements.
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Services provided by Indian Railways like platform ticket have been exempted from GST.
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Trade facilitation, easing compliance burden, and giving relief to taxpayers in terms of compliance easing out. This will benefit the traders, MSMEs, and taxpayers.
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The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to 30-11-2021 for the financial years 17-18, 18-19, 19-20, and 20-21 may be deemed to be 2011 to 2021.
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The GST Council recommended monetary limits for filing appeals by the department in various courts.
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The council recommended a monetary limit of ₹20 lakh for the GST appellate tribunal, ₹1 crore for the High Court and ₹2 crore for the Supreme Court for filing appeals by the department, in order to reduce government litigation.
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The maximum amount for pre-deposit for filing appeal before the appellate authority shall be reduced from ₹25 crores CGST and 25 crores SGST to ₹20 crore CGST and ₹20 SGST.
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The provisions of the CGST Act to provide three months for filing appeals in the GST appellate tribunal will be amended.
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The president of the tribunal has assumed office and the said period for filing tax filing appealed by the taxpayers will expire on 5 August 2024.