Recommendations made by 53rd GST council meeting held on 22nd June 2024 are as following;-
1. Waver of interest and penalty on demand notices issued under section 73 for FY 2017-18, 2018-19, 2019-20. Applicable in cases where tax is paid entirely by March 2025.
2. time limit to avail ITC u/s16(4) filed up to 30/11/2021 for FY up to March 2021.
3. Monetary limit for filing appeal by tax dept. of 20 lakh for tribunal; 1cr for HC and 2 cr for SC
.
4. max amount of pre deposit for filing appeal before appellate authority reduced from 25 cr to 20 cr each for CGST and SGST.
5. per deposit for filing appeal before tribunal reduced to 20% and 20 cr each for CGST and SGST.
6. Amendment in law for providing that time limit for filing appeal before tribunal will start from the date government notifies.
7. extension of time limit to file GSTR 4 till 30 June.
8. Interest won’t be charged for amount available in cash ledger at time of filing 3B.
9. insertion of new Form GSTR 1A to allow correction in GSTR 1. It will be allowed to file it before filing 3B.
10. Bio metric based Aadhar authentication on PAN India basis in a phased manner.
11. clarification issued on various topics.
Few of them are –
12% tax rate for milk can;
uniform GST rate of 12% on all carton boxes;
clarification on all types of sprinklers will attract 12% and past practice to be as is; 12% rate on all solar cases; services by railways, platform ticket, other services are exempt; service of hostel accommodation outside of educational institutions made exempt with conditions. GST council meeting
ALSO, AMNESTY SCHEME FOR CASES U/S 73 [NON FRAUD CASES] For 2017-18, 2018-19, 2019-20 for demand notices, interest, and penalty will be waived off if tax is paid by March 31, 2025!!
“Most Important amendments proposed in Sec 16(4) of CGST Act by GST Council
For any invoice pertaining to FY 17/18 to FY 20/21, the time limit for availment of ITC extended till 30/11/2021.”