जनभावना टाइम्स ਇੰਡੀਆ ਡੇਲੀ ਪੰਜਾਬੀ इंडिया डेली लाइव

GST council meeting: Which goods, services get cheaper and costlier? Top takeaways

The Union minister also said that to help small taxpayers, the council has recommended that the deadline to furnish details and returns in form GSTR 4 be extended to 30th June.

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New Delhi: On Saturday in the 53rd GST Council meeting, Union Finance Minister Nirmala Sitharaman announced the implementation of biometric-based Aadhaar authentication throughout the country. According to Sitharaman, "This would assist us tackle fraudulent input tax credit claims generated through phony invoices in the cases." The Union minister added that the council has suggested extending the deadline for providing information and returns in form GSTR 4 to June 30 to assist small taxpayers. This will apply to returns starting with the Financial Year 2024–2025.

The following are some of the main conclusions from the 53rd GST Council meeting:

Trade Facilitation and Compliance Easing

Today, the 53rd GST Council Meeting focused on making decisions that will facilitate trade, ease the compliance burden, and provide relief to taxpayers. These measures are expected to benefit traders, MSMEs, and taxpayers significantly.

Waiver of Interest and Penalties

The GST Council recommended waiving interest and penalties for demand notices issued under Section 73 of the GST Act for cases not involving fraud, suppression, or misstatements. This waiver applies to notices for Fiscal Years 2017-18, 2018-19, and 2019-20.

The Council also decided to exempt GST on services provided by Indian Railways, such as platform tickets. Items like carton boxes and solar cookers will now be subject to a 12% GST rate. Moreover, all types of sprinklers, including fire sprinklers, will also attract a 12% rate.

Hostels for students located outside educational institutions are exempt from GST, provided the monthly rent does not exceed Rs 20,000 per person and the minimum stay is 90 days.

Extension of Input Tax Credit Time Limit

Union Finance Minister Nirmala Sitharaman announced that the time limit to avail input tax credit for invoices or debit notes filed up to November 30, 2021, for the financial years 2017-18 to 2020-21, will be extended. This amendment is recommended to be applied retrospectively from July 1, 2017.

Reduction in Litigation

To reduce government litigation, the council recommended monetary limits for GST appellate tribunal, High Court, and Supreme Court filings. The maximum pre-deposit for filing appeals before the appellate authority has been reduced to Rs 20 crore CGST and Rs 20 crore SGST. The three-month period for filing appeals in the GST appellate tribunal will start from a government-notified date, expiring on August 5, 2024.

Extended Deadline for Small Taxpayers

To assist small taxpayers, the Council recommended extending the deadline to furnish details and returns in form GSTR-4 from April 30 to June 30, effective from Financial Year 2024-25 onwards.

Biometric-based Aadhaar Authentication

The Council announced the rollout of biometric-based Aadhaar authentication nationwide. This measure aims to combat fraudulent input tax credit claims made through fake invoices.

Uniform GST Rates

The Council recommended a uniform GST rate of 12% on all milk cans and carton boxes, whether corrugated or non-corrugated. This will help prevent disputes and support apple growers in Himachal Pradesh and J&K. Additionally, all types of sprinklers, including fire and water sprinklers, will attract a 12% GST. 

Exemptions and Reductions

The Council recommended a 12% GST rate on all solar cookers and exempted various services provided by Indian Railways, such as platform tickets, retiring rooms, waiting rooms, cloakroom services, and battery-operated car services. Hostel accommodations for students outside educational institutions and accommodation services up to Rs 20,000 per person per month for a minimum of 90 days are also exempted.

GoM on Rate Rationalization

Bihar Deputy Chief Minister Samrat Choudhary has been appointed as the Chairman of the GoM on Rate Rationalization. He will submit a status report in the next meeting, after which work on rate rationalization will begin.

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