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.
The GST Council met for the 45th Time on 17th September 2021 under chairmanship of the Hon’ble Finance Minister. In the 45th GST Council meeting, Major decisions were taken around the revision of GST rates on various goods such as COVID-related medicines, Paper Products, Waste of plastic, etc., and various other services also. Recommendations are also made around streamlining compliance under GST.
The GST Council in its 43rd meeting held on 28th May 2021 at New Delhi took
the important decisions related to changes in GST interest and penalties for late filing of GST returns.
The Ministry of Finance released a Press release on the 5th October, informing about the recommendations made in the 42nd GST council meeting via video conferencing. The meeting was led by the Finance Minister Shrimati Nirmala Sithraman and the finance ministers of all the states and UTs associated with it.
In 40th GST Council meeting held under chairmanship of hon’ble Finance Minister Mrs. Nirmala Sitharaman through video conferencing, GST Council has recommended to give one time opportunity to such GST return defaulters.
Amendment under Goods and Service Tax (“GST”) law has been a constant process and considering issues and representation of industry, new changes are proposed in every GST Council meeting. Suggestions made by the 39th GST Council Meeting 39th GST Council meeting held on 14th March 2020, under the chairmanship of hon’ble Finance Minister wherein following key changes were suggested: 1. Interest on net cash Liability In case of delayed payment of GST, whether interest is payable on net Cash liability or gross tax liability (i.e., including ITC) has been matter of dispute since long time and various legal precedents and
The Goods and Services Tax (‘GST’) Council in its 37th GST Council Meeting held on 20 September 2019 has taken several taxpayer friendly decisions. Amidst various economic measures announced by the Hon’ble Finance Minister from time to time during August and September 2019, the decisions taken during the meeting of the GST. Council were keenly awaited by various stakeholders. The decisions of the GST Council are aimed at tax rationalisation, providing additional exemptions, lowering the applicable GST rates, plugging loopholes and addressing administrative issues being faced by taxpayers. The decisions of the GST Council are summarised below: 1. Law and
The Goods and Services Tax (‘GST’) Council in its 35th GST council Meeting held on 21 June 2019 has taken several taxpayer friendly decisions. It is noteworthy that that is the first GST Council meeting chaired by the new Finance Minister Miss Nirmala Sitharamn after the formation of the government in May 2019. The decisions of the 35th GST Council meeting are aimed at fostering growth in business, rationalising tax rates, addressing administrative issues being faced by taxpayers and paving the way for future-ready compliance mechanism. The decisions of the 35th GST Council meeting are summarised below: 1. Tax Rate
GST Council in its 27th GST Council meeting held in New Delhi today, ie, 4th May, 2018 has made the following recommendations which are stated below: 1. One monthly Return All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Return filing dates shall be staggered based on the turnover of the registered person to manage the load on the IT system. Composition dealers and dealers having nil transaction shall have the facility to file quarterly return. 2. Unidirectional Flow of invoices There shall be unidirectional flow of invoices uploaded by the seller on anytime basis
Read all updates on 26th GST Council Meeting 1. Return filing System The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and Group of Ministers on IT has been tasked to finalize the same. 2. Reverse charge mechanism The liability to pay tax on reverse charge basis has been deferred till 30.06.2018. In the meantime, a Group of Ministers will look into the modalities of its implementation to ensure that no inconvenience is
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