GST Council Meeting Recommendations: A Step Towards Taxpayer Relief

Sat, 22 Jun 2024

The recent 53rd GST Council meeting has brought forth several recommendations aimed at providing relief to taxpayers. One of the key decisions taken is the waiver of interest and penalties for demand notices issued under Section 73 of the CGST Act, provided the full tax demanded is paid by March 31st, 2025, for fiscal years 2017-18, 2018-19, and 2019-20. This move is expected to ease the interest burden on taxpayers.

Another significant recommendation is the extension of the time limit to avail input tax credit related to any invoice or debit note under Section 16(4) of the CGST Act through any GSTR 3B return filed by November 30th, 2021, for fiscal years 2017-18, 2018-19, 2019-20, and 2020-21. This change is expected to simplify the process of claiming input tax credits.

The GST Council has also recommended reducing the quantum of pre-deposit required to be paid for filing appeals under GST. Additionally, it has suggested amending provisions of the CGST Act to provide that the three-month period for filing appeals in the GST Appellate Tribunal will start from a date to be notified by the government.

Furthermore, the Council has recommended exempting certain services provided by Indian Railways to common man and intra-railway supplies. It has also suggested exemption on accommodation services up to Rs. 20,000 per month per person, providing relief to students and working professionals.

Published by Chronicles Of India. Scroll down to read more