Last updated on December 22nd, 2022 at 03:12 pm
48th GST Council Meeting
The 48th GST Council Meeting was held on 17th December 2022 via video conferencing under the Chairmanship of Finance Minister Nirmala Sitharaman. The next GST Council Meeting is likely to be held in February 2023 after the Union Budget 2023.
The last i.e. 47th GST Council Meeting was held almost 6 months before on 28th and 29th June 2022 at Chandigarh. (Key takeaways of 47th GST Council Meeting)
Recent GST updates that one must know
⇒ Taxpayers were provided with a window of 2 months for filing /revising the Tran-1 and/or Tran -2 for availing of the transitional credit.
⇒ Competition Commission of India has been empowered to examine whether the availment of ITC or reduction in the tax rate is resulting in the reduction in the price of goods or services to the recipient or not.
⇒RBI has included GSTN Portal as an information provider under the Account Aggregator Framework.
⇒ Monthly GST collections crossed the mark of Rs 1.4 lakh crores for eight months in a row in November 2022.
⇒ Centre has released GST Compensation of Rs 17000 crores to States.
⇒ Some of the states had raised concerns in writing to the Centre regarding the delay/time gap in holding the GST Council Meetings.
Decisions taken in the 48th GST Council Meeting
⇒ Rationalization of the threshold limit for prosecution
Discussion on the following GOMs reports:
⇒ Amendments required in law for setting up of GST Appellate Tribunals.
⇒ GST on Casinos, Race Courses, and Online Gaming
⇒ Boosting real estate under the GST regime
⇒ GST System Reforms for ease of compliance of taxpayers.
⇒ GST Rate rationalization
⇒ Correction in inverted duty structure on textiles.
⇒ Raising the threshold limit for initiating criminal proceedings in order to distinguish between minor defaulters and wilful defaulters.
Discussion based on the recent address to the media:
30th Nov 2022 – Revenue Secretary Tarun Bajaj mentioned Government aims to rationalize GST slabs, exempt certain goods or services, and rectify the inverted duty structure. The collection of taxes should increase not due to higher rates of tax but due to a wider tax net.
14th Nov 2022 – Petroleum Minister Hardeep Singh Puri mentioned that the Centre intends to bring the fuel i.e petrol, diesel ATF, etc under the GST ambit.
- GST Compliance Calendar of April 2023 - 01/04/2023
- GST sections amended in Finance Act 2023 - 27/03/2023
- GST checklist with the onset of FY 2023-24 - 25/03/2023
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