Key Recommendations made by 53rd GST( value added tax ) 2024 council meeting held today –
- Waiver of Interest and Penalty on demand notices issued under section 73 for FY 17-18, 18-19, 19-20. (Applicable in cases where value added tax is paid entirely by March 2025)
- The deadline to claim input tax credit for any invoice or debit note under section 16(4) of the CGST Act, which was filed by 30-11-2021 for the Financial Years 2017-18, 2018-19, 2019-20, and 2020-21, may be considered as 30-11-2021.
So, the recent decision of Kerala High Court order has been accepted by the GST Council and applied to all taxpayers.
- Monetary limit for filing appeal by tax dept. of 20 lakh for GSTAT, 1 Cr for HC and 2 Cr for SC.
- Max amount of Pre Deposit for filing appeal before appellate authority reduced from 25 cr to 20 cr each for CGST and SGST.
- Pre-Deposit for filing appeal before tribunal reduced to 20% and 20 cr each for CGST and SGST.
- Amendment in law for providing that time limit for filing appeal before tribunal will start from the date government notifies GSTAT.
- Extension of time limit to file GSTR-4 till 30 June.
- Interest won’t be charged for amount available in cash ledger at time of filing 3B.
- Iinsertion of new Form GSTR 1A to allow correction in GSTR 1. It will be allowed to file it before filing 3B.
- Bio metric based Aadhar authentication on PAN India basis in a phased manner.
- Clarification issued on various topics. Few of them are:
⏩12% tax rate for milk can;
⏩uniform GST rate of 12% on all carton boxes;
⏩clarification on all types of sprinklers will attract 12% and past practice to be as is;
⏩12% rate on all solar cases;
⏩Services by railways, platform ticket, other services are exempt;
⏩service of hostel accommodation outside of educational institutions made exempt with conditions.
For GST updates 2024 , expect new tax rates and revised compliance procedures. These changes aim to simplify the tax process and affect various business sectors. Staying informed on these updates is crucial for proper filing and adherence to regulations, ensuring smoother business operations. Updating GST for 2024 is essential to comply with the latest tax laws and avoid penalties. New tax rates and compliance processes can impact your business operations and financial planning. Staying updated ensures accurate invoices and proper filing of returns, which helps maintain smooth business processes. It also enables you to take advantage of any new benefits or relief measures introduced in the updates. Moreover, complying with GST regulations increases the credibility and trustworthiness of your business. Regular updates and adherence to the latest regulations protect your business from legal issues and potential penalties