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...

48th GST Council Meet: GST Not Applicable On No Claim Bonus Offered By Insurance Companies

The 48th Meeting of the GST Council was held on 17th December 2022 through Video Conference, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The council recommended that no claim bonus by insurance companies will not attract GST."Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services," the press release read.GST is levied only on...

GST Council Meet Raises Threshold For Launching Prosecution To Rs 2 Crores

The 48th GST Council presided over by Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs recommended decriminalizing offenses under Section 132, raising the threshold for tax prosecution, and lowering the amount of compounding in GST.Except for the offense of issuance of invoices without a supply of goods or services or both, the Council has recommended raising the minimum tax amount for launching a GST prosecution from Rs. 1 crore to Rs. 2 crores, except for the...

IBBI Amends Model Bye-Laws Regulations For Insolvency Professional Agencies

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 ("Model Bye laws Regulations") for a second time vide Gazette notification dated 31.10.2022. The Model Bye Laws Regulations lay down the governance structure and provides for model bye laws of the Insolvency Professional Agencies (IPA). The IBBI had issued three circulars, namely, (i) Circular No. IP/005/2018 dated...

GST Council Notifies Authorities On Actions To Be Taken Consequential To The Issuance Of A Show Cause Notice And Recurring SCNs In The Case Of Enforcement Actions

The Goods and Service Tax Council has notified the authorities regarding action consequential to the issuance of a Show Cause Notice and for the issuance of a recurring Show Cause Notice in the case of an enforcement action initiated by the Central authorities against a taxpayer assigned to a State and vice versa.It has been noted that varied practices are followed by the field formations regarding the issuance of recurring SCN and other consequential actions in cases where an investigation has...

COC To Function As Stakeholder's Consultation Committee For First 60 Days: IBBI Amends Liquidation Process Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") on 16.09.2022 has notified amendments to the IBBI (Voluntary Liquidation Process) Regulations, 2016 ("Voluntary Liquidation Regulations") and IBBI (Liquidation Process) Regulations, 2016 ("Liquidation Regulations") for a second time. These amended Regulations have come into force on 16.09.2022. Detailed Overview In exercise of the powers conferred by Section 196(1)(t) read with Section 240 of the Insolvency and Bankruptcy Code,...

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") for a fourth time and has notified the amendment on 16.09.2022. The amended CIRP Regulations have been introduced by the IBBI in exercise of the powers conferred by clause (t) of sub-section (1) of Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016). These regulations may be called...

IBBI Notifies Second Amendment To Insolvency Professional Regulations

The Insolvency and Bankruptcy Board of India ("IBBI") has amended the IBBI (Insolvency Professionals) Regulations, 2016 ("IP Regulations") for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the processes. Detailed Overview In exercise of the powers...