Last updated on September 13th, 2022 at 10:57 am
47th GST Council Meeting will be held on 28th and 29th June 2022 at Chandigarh under the Chairmanship of Finance Minister Nirmala Sitharaman. Earlier the meeting was to be conducted at Srinagar but due to security concerns, it was shifted to Chandigarh. The last i.e. 46th GST Council Meeting was held almost 6 months before on 31st December 2021. (Key takeaways of 46th GST Council Meeting)
|Meeting||47th GST Council Meeting|
|Date||28th & 29th September 2022|
|Chairperson||Finance Minister Nirmala Sitharaman|
|Attendees||Finance Ministers of all the states|
Major & recent GST updates that one must know
- CBIC has issued a detailed circular explaining the procedure for sanction, post-audit, and review of refund claims. Officers are expected to upload a speaking order along with a refund sanction order in Form RFD 06. – Instruction no. 3 dated 14th June 2022.
- CBIC has extended the period by 5 years and 3 months for levy and collection of compensation cess to 31st March 2026, it was coming to an end on 30th June 2022. – Compensation Cess Notification No.1/2022 dated 24th June 2022.
Key takeaways of 47th GST Council Meeting
⊗ Suppliers of e-commerce operators
As per section 24(ix) of the CGST Act, suppliers of e-commerce operators are mandatorily required to obtain GST registration.
In order to facilitate trade, a waiver from mandatory registration for suppliers of e-commerce operators is being worked out if the supplier meets the following two conditions: –
- If the AATO of the supplier did not exceed the threshold limit
- If the supplier restricts itself to intra-state supplies only.
In order to provide the e-commerce platform to composition taxpayers, they will be permitted to register as a supplier on an e-commerce operator BUT sales will have to be restricted to intra-state supplies only.
Note: As per the press release expected effective date is 1st January 2023.
Author’s Opinion – The above change would require amendment in the GST Act and might take longer to implement. And it is practically very difficult to restrict sales on e-commerce operators within the limits of the state it is registered. (The above amendment is just proposed still, a proper feasibility study needs to be done before implementation)
⊗ Composition Taxpayers
Form GST CMP 08 – The due date for quarterly payment in Form GST CMP 08 for the quarter ending June 2022 has been extended from 18th July 2022 to 31st July 2022 vide a CGST Notification no. 11 dated 05.07.2022. Click >> All you need to know about GST CMP 08
Form GSTR 9A – Composition taxpayers have been exempted from furnishing the Annual Return in Form GSTR 9A for another financial year 2021-22 vide a CGST Notification no. 10 dated 05.07.2022. Click >> Read more about Form GSTR 9A
Form GSTR 4 – The waiver from the levy of late fee for delay in furnishing the yearly return in Form GSTR 4 for the financial year 2021-22 has been further extended from 30th June 2022 to 28th July 2022 vide a CGST Notification no. 12 dated 05.07.2022. Click >> All you need to know about Form GSTR 4
Note: GSTN has been asked to expeditiously resolve the issue of negative liability reflected in the electronic cash ledger for composition taxpayers.
Supplier for e-commerce operator – Until now, composition taxpayers were not permitted to register as a supplier on e-commerce operators, but in future composition taxpayers are likely to be permitted to make intra-state supplies (within the state) through e-commerce operators.
⊗ Annual Return for FY 2021-22
Form GSTR 9 – Regular taxpayers having AATO up to Rs 2 Crores have been exempted from furnishing the Annual Return in Form GSTR 9 for another financial year 2021-22. (Read more about Form GSTR 9).
⊗ Payment mode
Additional modes like UPI and IMPS of payment for discharging the GST liability are likely to be introduced soon. – CGST Rule 87(3) of CGST Rules
⊗ Revocation of the suspension of registration
A provision is being made where automatic revocation of suspension of registration will be possible once the taxpayer files all the pending returns.
Where the suspension of GST registration is due to the following reason: –
- Section 29(2)(b) – A composition taxpayer has not furnished the return even after 3 months from the due date.
- Section 29(2)(c) – A regular taxpayer has not furnished the return for a period of 6 months.
⊗ E-way bill applicability for GOLD
GST Council concluded that States can notify regarding the applicability, and limits for the generation of e-way bills for the movement of gold for their own states to be followed. Click >>Provision for E -way bill for GOLD made on 12.09.2022
⊗ GST Rate Changes
- GST on Hospitals
- GST on pre-packed items up to 25 kg
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