The 49th GST Council Meeting was held on 18th February 2023 in New Delhi under the Chairmanship of Finance Minister Nirmala Sitharaman. This meeting is being conducted within a span of three weeks from the Union Budget 2023. The Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary, besides the finance ministers of states and Union Territories (with legislature) and senior officers from the Union government and states, attended the meeting, according to the finance ministry’s official handle.
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Key Information | |
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Date of the Meeting | February 18, 2023 |
Location | New Delhi |
Chairperson | Finance Minister Nirmala Sitharaman |
Key Agendas | Appellate tribunals, mechanisms to curb tax evasion, tax rate changes on cement, reports on taxation of pan masala and sand mining |
GST Appellate Tribunals – Recommendations of GoM on setting up GST Appellate Tribunals have been accepted with certain amendments.
GST Compensation Cess – Entire GST Compensation Cess of Rs 16,982 crores will be cleared today. The Centre shall release the payments from their funds and recoup from the future collection.
Special Composition Scheme – For certain industries, a special composition scheme will be introduced. i.e. PAN masala, Gutkha, Tobacco etc
Late Fees u/s 47 for the delay in filing of GST Annual Return in Form GSTR 9 for small taxpayers for FY 2022-23 and onwards has been rationalized.
Subject to a maximum of 0.04% of turnover (0.02% CGST + 0.02% SGST) for taxpayers whose AATO is up to Rs 20 crores.
For pending, GST returns amnesty schemes giving conditional waiver/reduction shall be announced
Applicability of RCM – GST will be applicable on an RCM basis on commercial services provided by the Court.
Application for Revocation – The time limit for making an application for revocation of cancellation of registration is increased to 90 days from 30 days. The period to file an application for revocation can be further increased by another 90 days by the Commissioner or an officer authorized by Commissioner.
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