GST Council meetings have completed its half century with 50th GST Council meeting held on 11th July 2023 at New Delhi under chairmanship of Hon’ble Union Finance & Corporate Affairs Minister.
The GST Council meeting was held for the 49th Time on 18th February 2023 under the chairmanship of the Hon’ble Union Finance & Corporate Affairs Minister. Key points of discussion were Clearance of Compensation cess dues to States, revision of GST rates of a few items, GST appellate tribunal and its structure, Capacity-based taxation and special composition scheme for certain sectors, and additional trade facilitation measures. Key Takeaways from the 49th GST Council Meeting: 1. Measures for facilitation of trade a. Extension of time limit for application for revocation of cancellation of registration. Presently, as per Section 30 of the
In the 48th GST Council meeting, the GST council suggested changes in GST rates of certain products, clarified GST rates applicable, decriminalization of certain offenses under GST, rationalization of GST provisions, etc.
Under the CIF contract, Ocean freight is payable by foreign exporters to the foreign shipping company. As per N/No. 8/2017, GST is payable on the value of transportation of goods by a vessel from a place outside India to a customs station of India at @5%.
In the 47th GST Council meeting, Major decisions were taken around the clarification under GST rates on various goods to rationalize an inverted duty structure. GST Rates were also reduced on certain medical instruments
47th GST Council meeting held on 28th June and 29th June 2022, GST Council recommended various amendments in GST Rate on goods and services to streamline GST refund due to inverted duty structure, removed various exemptions on goods and services, suggested changes to facility smooth trade operations. To give effect to GST amendments suggested by GST Council, CBIC has issued various notifications and circulars.
In this directions, CBIC has announced some major amendments in Goods and Service Tax which are to be made effective from 01.01.2022. Following are the key changes becoming applicable from 01.01.2022:
In pursuance of the recommendation of GST Council, CBIC issued necessary clarification vide Circular No. 160/16/2021-GST dated 20th September 2021 on the following issues
A lot of benefits are provided for “Export” of goods or services. However, various conditions are required to be fulfilled to qualify a transaction as “Export”. Similarly, to qualify a supply of service as “Export of service”, five conditions are provided under Section 2(6) of IGST Act, 2017. However, one of the conditions given in clause (v) of Section 2(6) of IGST Act is always covered with lots of ambiguity. Considering the representations received, GST Council in 45th GST Council meeting recommended CBIC to issue necessary clarification around condition (v) of Section 2(6) of IGST Act, 2017. Therefore, CBIC issued
The GST council received various representations to clarify scope of “Intermediary” service and therefore, in the 45th GST Council meeting, the GST council recommended CBIC to issue the necessary clarifications to resolve this matter to the extent possible.
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