GST Council Meeting
Union Finance Minister Nirmala Sitharaman on Saturday announced the implementation of biometric based Aadhaar authentication to check fake invoicing.
Biometric based Aadhaar authentication is going to be implemented across the country. “This will help us to counter fraudulent input tax credit claims made through fake in-voices in cases”, the minister announced in a press conference after the 53rd GST Council meeting.
These are the key statements
1. Nirmala Sitharaman announced that the GST Council has recommended extension of the deadline for small taxpayers to submit their returns from April 30 to June 30.
2. To help small taxpayers, the Council has recommended that the deadline for submission of particulars and returns in Form GSTR 4 be extended from April 30. The council recommended that it be extended till June 30. This will be applicable to the returns for the financial year 2024-25, the minister said
3. The finance minister announced that the GST Council has recommended waiver of interest and penalties on demand notices issued under Section 73 of the GST Act, including cases not involving fraud, oppression or false declarations.
4. The finance minister said that services like platform tickets have been exempted from GST
5. In the 53rd GST Council meeting held today, several decisions were taken on the issues of ease of trade, reduction of compliance burden and relief to taxpayers. So, it will benefit traders, MSMEs and taxpayers,” said Nirmala Sitharaman after the 53rd GST Council meeting.
The Minister said that the GST Council today recommended waiver of interest and penalties on demand notices issued under Section 73 of the GST Act, including cases not related to fraud, oppression or false declarations.
6. Nirmala Sitharaman said that the Council has recommended waiver of interest and penalties on demand notices issued for all notices issued under section 73 for the financial years 2017-18, 2018-19 and 2019-20.
7. As per Section 16(4) of the CGST Act, the deadline for availing input tax credit in respect of invoice or debit note filed up to 30-11-2021 for financial years 17-18, 18-19, 19-20, 20-21 is from 2011 to 2021. can be considered. Therefore, the Council has recommended for the necessary amendment to come into effect from July 1, 2017,” said Nirmala Sitharaman.
8. The finance minister announced that the GST Council has recommended monetary limits for filing appeals in various courts. The council has recommended a limit of Rs 20 lakh for the GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court to reduce government litigation.
9. The maximum amount for pre-deposit for filing an appeal before the Appellate Authority is Rs.25 crores CGST and Rs.25 crores SGST to Rs. 20 crore CGST and Rs. The Council has recommended a reduction to SGST of 20.
10. The Council decided and recommended to amend the provisions of the CGST Act so that the period of three months for filing appeals in the GST Appellate Tribunal shall commence from the date of notification by the Government. The specified time limit for taxpayers to file tax filing appeals ends on August 5, 2024,” said Nirmala Sitharaman.