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Recently, the 49th GST Council Meeting was held on 18th Feb 2023 at Vigyan Bhawan, New Delhi, under the Union Finance and the Corporate Affairs Minister, Smt. Nirmala Sitharaman. The council discussed several important issues related to GST & made some significant decisions. Let’s take a look at the key highlights of the GST Council Meeting meeting:
Table of Contents
The Indian Government has decided to clear the entire pending balance GST compensation of Rs. 16982 crore for June 2022. Since there is no such amount in the GST Compensation Fund, Centre decided to release such amount from its own resources & the same will be restored from the upcoming compensation cess collection. With this annoucement, the Centre would clear the provisionally admissible compensation due for 5 years as expected in the GST (Compensation to States) Act 2017[1]. Additionally, the Centre would also clear the admissible full & final GST compensation to those states who have given the revenue figures as certified or authorised by the Accountant General (AG) of the States amounting to Rs. 16,524 crores.
The GST Council adopted the report of GoM with certain changes. The final draft of amendments to the GST laws shall be distributed to members for their comments or suggetions. The Chairperson has been authorised to finalize or complete the same. Approval Report of GoM on Capacity-Based Taxation,Special Composition Scheme in Certain Sectors on GST
The GST Council approved the recommendations or suggestions of the GoM on capacity-based taxation & special composition scheme in certain sectors on GST. The objective of this decision is to plug leakages and improve the revenue collection from commodities like pan masala, gutkha, and also chewing tobacco. The recommendations include compliance and tracking measures to be taken to plug leakages or evasions, exports of such commodities to be allowed against LUT (Letter or Undertaking) with consequential refund of accumulated ITC & compensation cess levied on commodities to changed from ad valorem to specific tax-based levy to boost the first-stage collection of the revenue.
Following are some recommendations relating to GST Rates on Goods and Services under GST Council Meeting:
The GST Council has made several recommendations to facilitate trade, which are:
The 49th GST Council Meeting has introduced several key changes to the GST rates and compliance requirements. The new rates and measures are aimed at providing relief to various sectors and promoting the growth of the economy. As a business owner or taxpayer, it is important to stay updated on these changes and ensure compliance with the new regulations. Additionally, it is advisable to seek professional assistance to navigate the complex GST landscape and ensure smooth business operations.
Also Read:Key Highlights of the GST Council MeetingKey Points of the 39th GST Council Meeting38th GST Council Meeting: A Complete Overview
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