The GST Council in its 53rd meeting held on 22-06-2024 made ...

GST Council's 53rd meeting: waived penalties for certain tax notices, reduced litigation, eased compliance & ITC, adjusted GST rates on goods/services, and more.

News     GST

June 23, 2024

The GST Council in its 53rd meeting held on 22-06-2024 made significant recommendations. Key highlights include waiving interest and penalties u/s 73 of the CGST Act for FY 2017-2020 if full tax is paid by 31.03.2025. The input tax credit time limit u/s 16(4) for FY 2017-2021 is deemed to be 30.11.2021. Monetary limits for appeals are set: Rs. 20 lakh for GSTAT, Rs. 1 crore for High Court, and Rs. 2 crore for Supreme Court. Pre-deposit amounts for appeals are reduced. Interest u/s 50 will not be levied on delayed returns if the amount is available in the Electronic Cash Ledger. Exemptions and rate changes for specific goods and services were recommended. Biometric-based Aadhaar authentication for registration applicants will be rolled out. Amendments in various sections of CGST Act and IGST Act were proposed to streamline processes and reduce litigation.

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