50th GST Council Recommends Notification Of GST Appellate Tribunal By The Centre With Effect From 01.08.2023

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended the notification of the GST appellate tribunal by the centre with effect from 01.08.2023.The Council recommended the measures for the facilitation of trade in the form of Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023.The Council has recommended...

50th GST Council Recommends GST Exemption on Cancer-Related Drugs, Medicines For Rare Diseases And Food Products For Special Medical Purposes

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended exemption of cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST.It has been decided to exempt IGST from a cancer medicine, Dinutuximab (Quarziba) medicine when imported for personal use.It has been decided to exempt IGST from medicines and Food for Special Medical...

50th GST Council Meet: Casino, Horse Racing And Online Gaming To Be Taxed At The Uniform Rate Of 28% On Full Face Value

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.A Group of Ministers (GoM) was constituted to look into issues related to taxation on casinos, horse racing, and online gaming. The GoM submitted its first report in June 2022, and it was placed before the GST Council in its 47th GST Council meeting. It was decided that the GoM may re-look into all the issues once again. The GoM...

50th GST Council: GST Rate Cut On Uncooked, Unfried & Extruded Snack Palettes, Fish Soluble Paste, LD slag

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended bringing down rates from 18 per cent to 5 per cent on 4 items - Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag to be at par with blast furnace slag, and imitation zari thread.It has been decided to reduce the rate on uncooked/unfried snack pellets, by whatever name called, to 5% and to...

50th GST Council Recommends Measures For Streamlining Compliances In GST

The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended measures for streamlining compliance with GST.In accordance with the recommendations of the Group of Ministers (GoM) on the implementation of the E-way bill requirement for the movement of Gold/ Precious stones under chapter 71, the Council has recommended inserting rule 138F in CGST Rules, 2017, as well as in SGST...

49th GST Council Meeting: Know The Key Recommendations Relating To GST Rates On Goods and Services

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.Here are recommendations relating to GST rates on Goods and Services:GST Rate ReductionThe GST Council has reduced the GST rate on rab from 18% to 5% if sold prepackaged and labeled and nil if sold otherwise. The GST rates on pencil sharpeners have been reduced from 18% to 12%.Regularize payment of GST on ‘Rab’It has been decided to regularise payment of GST...

49th GST Council Meet: Final GST Appellate Tribunal Agreement To Be Drafted

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman stated that the final GST Appellate Tribunal agreement is yet to be drafted.The second appeals forum for GST is the GST Appellate Tribunal (GSTAT), also known as the Appellate Tribunal. This means that any unsatisfactory order made by the First Appellate Authorities may be subject to a request for appeal at the Appellate Tribunal.In other words, any person...

49th GST Council Meeting: Know The Measures For Facilitation Of Trade

The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Nirmala Sitharaman.The measures for the facilitation of trade were:Extension of time limit for application for revocation of cancellation of registration and one-time amnesty for past casesThe Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 so as to provide that the time...

49th GST Council Meet: Approves Report Of GoM On Capacity Based Taxation & Special Composition Scheme In Certain Sectors

The 49th meeting of the GST Council under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman approved the report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.The Council accepted the GoM's recommendations to stop the leaks and increase revenue collection from goods like pan masala, gutkha, and chewing tobacco.It includes the capacity-based levy not to be prescribed. The compliance and tracking measures...

49th GST Council Meeting: Centre To Clear Entire Pending Balance GST Compensation For June 2022

The 49th meeting of the GST Council was held on 18th February 2023 at Vigyan Bhawan, New Delhi under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.The government of India has decided to clear the entire pending balance GST compensation of Rs. 16982 crores for June 2022.Due to the lack of funds in the GST compensation fund, the center made the decision to release this money from its own funds, with the promise that it would be reimbursed through...

CBIC notifies Central Goods And Services Tax (Fifth Amendment) Rules, 2022 In Accordance With 48th GST Council Meeting: Know 5 Significant Changes

The Central Board of Indirect Taxes and Customs (CBIC) has notified the Central Goods and Services Tax (Fifth Amendment) Rules, 2022, on the recommendations of the 48th GST Council Meeting.The Central Goods and Services Tax (Fifth Amendment) Rules, 2022 shall be effective on 26 December 2022.1. PAN to be verified through separate one-time passwordsThe Permanent Account Number shall be validated online by the common portal from the database maintained by the Central Board of Direct Taxes and...

GST Council Recommends Changes In GST Rate For Various Goods And Services

The 48th GST Council, presided over by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs made various recommendations relating to changes in GST rates on the supply of goods and services.The council has exempted the husk of pulses, including chilka, and concentrates, including chuni, churi, and khanda. Early on, 5% GST was payable on the husks of pulses.Due to genuine concerns, the Council decided to regularise the interim period beginning on the date of the Circular's...