<\/span><\/h2>\nGoods and Services Council held its 49th<\/sup>\u00a0Goods and Services Council Meeting at New Delhi on 18th<\/sup>\u00a0Feb 2023 which was chaired by Nirmala Sitharaman -Finance Minister.<\/p>\n<\/span>What was the agenda of the <\/strong>49th<\/sup>\u00a0GST council<\/strong> meeting?<\/strong><\/span><\/span><\/h3>\nGoods and Services Council Meeting held on 18th<\/sup>\u00a0February 2023 recommended various Goods and Services amnesty schemes & certain changes in tax rates along with rationalization in Late Fees for Annual returns were also proposed.<\/p>\n<\/span>What are some of the major recommendations of the meeting?<\/strong><\/span><\/span><\/h3>\nThe following are some of the Goods and Services Council recommendations of the meeting:<\/p>\n
\n- Council has adopted the report of the Group of Ministers for setting up of Goods and Services Appellate Tribunal.<\/li>\n
- All the Goods and Services Compensation Dues will be cleared.<\/li>\n
- Special revenue leakage measures are to be introduced in the case of certain commodities such as pan masala, gutkha, and\u00a0chewing tobacco.<\/li>\n
- Goods and Services Council has proposed a NIL rate of tax on \u201cLoose Rab\u201d and a 5% of tax on \u201cPackaged Rab\u201d which was taxed at 18% earlier.<\/li>\n
- The Goods and Services Council has proposed to decrease the rate of Tax on Pencil Sharpener from 18% to 12%.<\/li>\n<\/ul>\n
\n- The Goods and Services Council has proposed to increase the time limit for filing an\u00a0application for revocation of cancellation of registration from 30 Days to 90 Days.<\/li>\n<\/ul>\n
<\/span>What are the different slabs proposed for the Late Fees of Goods and Services Annual Return?<\/strong><\/span><\/span><\/h3>\nRationalization of Late Fees has been made in respect of Goods and Services Annual Return and from FY 2022-23 the below Late Fees shall be applicable as below:<\/p>\n
\n- If Turnover is up to 5 Crore \u2013 Late Fees of Rs 50 (Rs 25 CGST and Rs 25 SGST) per day shall be applicable for a maximum up to 0.04 % of turnover.<\/li>\n
- If the Turnover is between 5 Crore\u00a0and 20 Crore \u2013 Late Fees of Rs 100 (Rs 50 CGST and Rs 50 SGST) per day shall be applicable for maximum upto 0.04 % of turnover.<\/li>\n
- In case Turnover is above 20 Crore \u2013 Late Fees of Rs 200 (Rs 100 CGST and Rs 100 SGST) per day shall be applicable maximum upto 0.5 % of turnover.<\/li>\n<\/ol>\n
<\/span>What are the various Goods and Services amnesty schemes proposed in the 49th\u00a0Goods and Services council meeting?<\/strong><\/span><\/span><\/h3>\nThe Below are the Goods and Services Amnesty scheme proposed in the 49th<\/sup>\u00a0Goods and Services council meeting:<\/p>\n\n- Amnesty scheme has been proposed for the cases where the application for revocation has not been made within the prescribed period earlier.<\/li>\n
- The Amnesty scheme has also been introduced for cases where the assessment order has been issued but the return has not been filed within 30 days of the order.<\/li>\n
- This amnesty scheme will be available if the return is filed along with Interest & Late Fees for which the Assessment order is issued irrespective of the fact whether the appeal has been filed or decided.<\/li>\n
- Amnesty scheme has been introduced in respect of filing pending returns in Form GSTR-9, GSTR-4, & GSTR-10 by way of conditional waiver\/reduction of Late Fees.<\/li>\n<\/ol>\n
<\/span>What should one learn from this?<\/strong><\/span><\/span><\/h3>\n\n- The detailed press release for the same can be accessed from the Central Board of Indirect Taxes & Customs website.<\/li>\n
- Main highlight of the Council Meeting was the introduction of different Amnesty schemes and the rationalization of Late Fees for Annual Return.<\/li>\n
- This is just the recommendations of the council let’s wait for the relevant notifications\/ circulars\/law amendments to have further clarity on the above recommendations.<\/li>\n<\/ul>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
49th\u00a0GST council meeting – Proposed GST Amnesty Scheme : Goods and Services Council held its 49th\u00a0Goods and Services Council Meeting at New Delhi on 18th\u00a0Feb 2023 which was chaired by Nirmala Sitharaman -Finance Minister. What was the agenda of the 49th\u00a0GST council meeting? Goods and Services Council Meeting held on 18th\u00a0February 2023 recommended various Goods …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[933],"tags":[196,896,916,909],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5352"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=5352"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5352\/revisions"}],"predecessor-version":[{"id":5359,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/5352\/revisions\/5359"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=5352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=5352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=5352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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