GST UPDATE

Desk of CA. Praveen Sharma

Series- 410

49th GST Council Meeting Updates

1- Exports of pan masala, gutka, chewing tobaccos to be allowed against LUT only.

2- No capacity-based taxation for Pan-masala, Gutka, and other tobacco-related items as such levy is against constitutional provision because under GST ‘supply’ is the taxable event not the capacity of the machines.

3- Compensation cess levied on pan masala, gutka, and chewing tobacco to be changed from transaction value to MRP-based levy.

4- Extension of time limit for application for revocation of cancellation of registration from 30 days to 90 days.

5- One-time amnesty scheme for past cases of GST cancellation on account of non-filing of the returns, but the application for revocation of cancellation of registration could not be filed within the time.

6- Late fee for filing GSTR-9 for FY 2022-23 reduced from Rs 200 per day to Rs 50 per day (Rs 100 per day if turnover exceeds 5 crores) subject to a maximum of 0.04% of turnover.

7- One-time amnesty scheme in respect of pending returns in FORM GSTR-4, FORM GSTR-9, and FORM GSTR-10 by way of conditional waiver/ reduction of late fee.

8- Rationalization of provision of a place of supply of services of transportation of goods.

Regards

CA. Praveen Sharma

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