The Union Finance Minister Nirmala Sitharaman addressed the media at the conclusion of the 49th GST Council meeting, which took place in New Delhi on 18th February, Saturday afternoon. The meeting was held to discuss and make recommendations on several issues related to the Goods and Services Tax. The meeting was chaired by the Union Finance Minister and attended by the Finance Ministers of all the states and Union Territories. In this article, we will focus on the key highlights of the 49th GST Council Meeting, and several recommendations, including compensation for GST, GST Appellate Tribunal, capacity-based taxation, and special composition schemes for certain sectors.
Here are the key highlights of the 49th GST Council Meeting:
GST Compensation: The Council decided to clear all GST compensation dues since June 2022 which amounts to Rs. 16,982 crore. The amount will be released from the Centre’s own resources and will be recounted.
GST Appellate Tribunal: The Council discussed the setting up of the Appellate Tribunal and the mechanism to curb tax evasion in pan masala, chewing tobacco, and gutkha industry, among other matters for trade facilitation and streamlining GST compliances. Final draft amendments in this regard have been circulated to Council Members.
Capacity-based Taxation: The Council accepted the GoM report on capacity-based taxation with slight modifications. The Council proposed an amnesty scheme for some pending returns. The government has proposed to reduce the late filing fees for GSTR-9 (an annual return form)-:
Special Composition Schemes: The Council proposed special composition schemes for certain sectors, including the textile and real estate sectors.
GST Rates: The Council issued recommendations regarding GST rates for various goods and services to address the issue faced by the industry which are-:
GST Rules and Exemptions: The council meeting made certain rules and exemptions-:
The 49th GST Council Meeting was a significant step towards streamlining GST compliances and trade facilitation. The decisions taken by the Council will have a far-reaching impact on the economy and businesses. The Council’s focus on clearing all GST compensation dues and setting up the Appellate Tribunal is a good move that will help in curbing tax evasion and ensuring compliance. The special composition schemes for certain sectors will provide relief to businesses and boost the economy. Overall, the 49th GST Council Meeting was a success, and the recommendations proposed by the Council will go a long way in strengthening the GST regime.
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