53rd GST Council meeting recommendations

Dear Readers,

The 53rd meeting of the GST Council convened on June 22, 2024, primarily focused on addressing taxpayer concerns and providing relief measures.

The following major recommendations were discussed, with implementation on issuance of notifications / circulars:

🔹 Section 128A: Proposal to waive interest and penalties for FY 17-18, 18-19, and 19-20 related to demand orders issued under section 73.

🔹Section 16(4): Extension of the deadline to claim ITC until November 30, 2021, for FY 17-18 through 20-21, including RCM cases and cases involving revocation.

🔹Interest Waiver under Section 50: No interest will be levied if there is a sufficient balance in the Electronic Cash Ledger, even with delayed return filings.

🔹GSTR 1A: New optional facility to amend, modify, or add details to GSTR 1 before the filing of GSTR 3B.

🔹GSTR 4 Annual Return: Updated due dates for composition taxpayers.
Appeals and Tribunal Adjustments: Revised limits and criteria for filing appeals to the first appellate authority and the GST Tribunal (GSTAT).

🔹Procedural Updates: Modifications to certain time limits under Sections 73 and 74.

🔹Insurance Sector Clarifications: Specific clarifications regarding the insurance sector.

🔹Taxability of PG/Hostel Services: Recommendations regarding the tax treatment of PG and hostel services.

🔹Rate Adjustments: Updates to the rates of various goods and services.

Detailed information can be accessed from the attached presentation – 53rd GST Council Meeting Decisions

Stay informed !!

For complete information, kindly refer to the Press Release or connect with us.

Happy Reading!