Demand Notices, Interest, And Penalty Will Be Waived Off If Tax Is Paid By March 31, 2025: 53rd GST Council Meet

The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, chaired the 53rd GST Council.The council has proposed the insertion of Section 128A in CGST Act, to provide for conditional waiver of interest or penalty or both, relating to demands raised under Section 73, for FY 2017-18 to FY 2019-20.Considering the difficulties faced by the taxpayers, during the initial...

53rd GST Council Meet Tomorrow: What's The Key Expectations?

About Eight and a half months after its previous meeting, the Center has decided to call a meeting of the Goods and Services Tax (GST) Council on June 22, 2024.Although the meeting's agenda is yet unknown, state finance ministers should bring forth ideas for an indirect tax system that might be included in the Union Budget, which is anticipated to be unveiled next month.Here are the key expectations:Set monetary threshold limits for GST casesIt is probable that the GST Council would establish...

GST Council Can Recommend Rate But Can’t Determine Classification: Madras High Court Allows Parle Agro’s Petition Challenging Classification Of Flavoured Milk

The Madras High Court has allowed Parle Agro’s petition challenging the classification of flavoured milk.The bench of Justice C. Saravanan has observed that the GST Council cannot impose the wrong classification of “flavoured milk” as a “beverage containing milk” under the residuary item "non-alcoholic "beverages" under Subheading 2202 90 30 of the Customs Tariff Act, 1975.The petitioner/assessee, M/s.Parle Agro Pvt. Ltd., has challenged the decision of the Authority for Advance Ruling (AAR) in...

GST Council Recommends Conditional Duration IGST Exemption To Foreign Flag Foreign Going Vessel When It Converts To Coastal Run

The GST Council recommends conditional and limited duration IGST exemption to foreign flag foreign going vessels when it converts to coastal run.Foreign-going vessels are liable to pay 5% IGST on the value of the vessel if it converts to a coastal run.GST Council recommends conditional IGST exemption to foreign flag foreign going vessel when it converts to coastal run subject to its reconversion to foreign going vessel in six months.Click Here To Read The Press Release

52nd GST Council Meet: Nil GST Rate For Food Preparation Of Millet Flour In Powder Form

The GST Council recommended nil rate for food preparation of millet flour in powder form and containing at least 70% millets by weight when sold in loose form.GST rates on “Food preparation of millet flour in powder form, containing at least 70% millet by weight”, falling under HS 1901, with effect from the date of notification. 0% if sold in other than pre-packaged and labelled form and 5% if sold in pre-packaged and labelled form."The GST Council want to participate in the Year of Millets. In...

GST Council Recommends To Keep ENA Used For Manufacturing Alcoholic Liquor For Human Consumption Outside GST

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommended keeping Extra Neutral Alcohol (ENA) used for the manufacture of alcoholic liquor for human consumption outside GST.The Law Committee will examine suitable amendments in law to exclude ENA for use in the manufacture of alcoholic liquors for human consumption from the ambit of GST.To reduce GST on molasses from 28% to 5%. This step will increase liquidity...

GST Council Recommends Reducing GST On Molasses From 28% to 5% In Relief To Cane Farmers For Faster Clearance Of Dues And To Reduce Cost Of Manufacturing Cattle Feed

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman recommends reducing GST on molasses from 28% to 5% in relief to cane farmers for faster clearance of dues and to reduce the cost of manufacturing cattle feed.Reducing GST on molasses from 28% to 5% will increase liquidity with mills and enable faster clearance of cane dues to sugarcane farmers. This will also lead to a reduction in cost for the manufacture of cattle...

52nd GST Council Recommends Amendments In Conditions Of Appointment Of President And Member Of Proposed GST Appellate Tribunals

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman is in New Delhi today.The council recommended the amendments in conditions of appointment of president and member of proposed GST Appellate Tribunals.The Council has recommended amendments in section 110 of the CGST Act, 2017 to provide that an advocate for ten years with substantial experience in litigation under indirect tax laws in the Appellate Tribunal, Central...

28% GST On Online Gaming: 51st GST Council Recommends Laws To Provide Clarity

The 51st GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman via video conferencing in New Delhi.The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.The GST Council in the 50th meeting had deliberated on the Second Report of the Group of Ministers (GoM) on Casinos,...

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...