47th GST Council meeting chaired by Hon'ble Union Minister of Finance Nirmala Sitaraman has concluded today in Chandigarh which was attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Revenue Secretary Shri. Tarun Bajaj, Chairman of the CBIC Shri. Vivek Johri, Member of the CBIC Shri. D P Nagendra Kumar, Sandeep Kumar and Sanjay Agarwal and other senior officers from the Finance Ministry and the CBIC with Finance Ministers of States & UTs and Senior officers from Union Government & States.
As per Press release, The GST Council has made the following recommendations relating to issuance of the circulars in order to remove ambiguity and legal disputes on various issues:
1. Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification.
2. Clarification on various issues relating to applicability of demand and penalty provisions under the CGST Act in respect of transactions involving fake invoices.
3. Clarification on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B.
4. Clarification in respect of certain GST related issues:
5. Clarification on the issues pertaining to refund claimed by the recipients of supplies regarded as deemed export;
6. Clarification on various issues relating to interpretation of section 17(5) of the CGST Act;
7. Clarification on the issue of perquisites provided by employer to the employees as per contractual agreement;
8. Clarification on utilization of the amounts available in the electronic credit ledger and the electronic cash ledger for payment of tax and other liabilities.
