{"id":7551,"date":"2022-06-29T03:51:13","date_gmt":"2022-06-29T02:51:13","guid":{"rendered":"https:\/\/www.klickongstworld.com\/blog\/?p=7551"},"modified":"2022-06-29T04:16:07","modified_gmt":"2022-06-29T03:16:07","slug":"47th-gst-council-meeting-1st-day-i-e-28th-june-2022-highlights","status":"publish","type":"post","link":"https:\/\/www.klickongstworld.com\/blog\/47th-gst-council-meeting-1st-day-i-e-28th-june-2022-highlights\/","title":{"rendered":"47th GST Council Meeting &#8211; 1st Day i.e 28th June 2022 highlights"},"content":{"rendered":"<p align=\"justify\">The two-day meeting of the&nbsp;GST Council&nbsp;is underway  in Chandigarh chaired by Hon&#8217;ble Union Minister of Finance Nirmala Sitaraman is  being 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. Sanjay Agarwal and other senior officers from  the Finance Ministry and the CBIC with Finance Ministers of States &amp; UTs  and Senior officers from Union Government &amp; States.<\/p>\n<p>  As per sources, the following were the key  highlights of first day of the meeting. Please note that the Ministry is yet to  officially make announcements at the time of publishing this piece of tax bite.&nbsp;<br \/>\n  <strong><br \/>\n  Compliance<\/strong> :<\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>GST Council allows&nbsp;<strong>e-commerce       suppliers<\/strong>&nbsp;to register under the composition scheme, simplify       their GST registration process and reduce their tax outflow.<\/li>\n<li>The government-run NIC may act as another       platform for&nbsp;<strong>registering e-invoices<\/strong>. The Council agrees to       have six invoice registration portals come into action in the next six       months.<\/li>\n<li>GST Council allowed taxpayers to carry out       amendments in&nbsp;<strong>GSTR-3B&nbsp;<\/strong>(Summary return for regular       taxpayers). The taxpayers may be entitled to auto-populate details in       their Form GSTR-3B and GST annual returns for improved and convenient       compliance.<\/li>\n<li>Both the Centre and States may&nbsp;<strong>issue       show cause notice&nbsp;<\/strong>despite the taxpayer&#8217;s jurisdiction as a       measure to plug revenue leakage.<\/li>\n<li>Upcoming&nbsp;<strong>GST annual returns in Form       GSTR-9 for FY 2021-22<\/strong>&nbsp;may be notified with minimal changes with       some continued relaxation and modifications. GSTR-9 for FY 2021-22 may       continue to be exempted for those with the previous year&#8217;s threshold       turnover falling below Rs.2 crore.<\/li>\n<li>GST Council allowed&nbsp;<strong>amounts in electronic       credit ledger and electronic cash ledger&nbsp;<\/strong>to be utilised for       payment of output GST dues in GST returns. However, the money cannot be       used to settle any penalties, late fees, or interest.<\/li>\n<li>The GST Council indicated that the&nbsp;<strong>new       return system of Form GST RET-1, ANX-1, and ANX-2<\/strong>&nbsp;is to be       entirely withdrawn as it is no longer relevant.<\/li>\n<li>GST Council extended the GST due dates for the       following compliance by the&nbsp;<strong>composition taxpayers<\/strong>:&nbsp;<\/li>\n<ul type=\"circle\">\n<li>GSTR-4 deadline for FY 2021-22 up to 28th        July 2022 from 30th June 2022<\/li>\n<li>CMP-08 deadline for Apr-Jun 2022 (Q1 of FY        2022-23) up to 30th July 2022 from 18th July 2022<\/li>\n<\/ul>\n<\/ul>\n<ul>\n<li>With  regard to e-way bill generation on intra-state movement of gold, gold jewellery  and precious stones to check evasion, the Council recommended that states can  decide on the threshold above which the electronic bill is to be made  mandatory.<\/li>\n<\/ul>\n<\/div>\n<p align=\"justify\">A panel of state ministers had  recommended the threshold to be Rs 2 lakh and above.<br \/>\n    <strong><br \/>\n    National Anti-profiteering  Authority(NAA)<\/strong> <\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>A comprehensive review of the&nbsp;<strong>National       Anti-profiteering Authority (NAA)<\/strong>&nbsp;was carried out.&nbsp;<\/li>\n<ul type=\"circle\">\n<li>The Solicitor General will defend the NAA        wherever its constitutional validity is questionable.<\/li>\n<li>The government may soon appeal in the apex        court for cases where any state courts have remanded the NAA against its        orders.&nbsp;<\/li>\n<li>The Council pointed out that the NAA has        established an advocates panel&nbsp;to assure justice to consumers where        profiteering occurred.<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<p align=\"justify\"><strong><br \/>\nRefunds<\/strong><\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>GST Council approved a period waiver from       the&nbsp;<strong>filing of refund claims by condoning the two-year COVID       period&nbsp;<\/strong>starting from 1st March 2020 up to 28th February 2022. The       Council decided to permit tax officers to file&nbsp;<strong>appeals against       erroneous refund claims<\/strong>&nbsp;without considering the two-year period.<\/li>\n<li><strong>Relaxation in refund claims was provided<\/strong>&nbsp;for       the export of electricity and select concessional goods with an inverted       tax structure.<\/li>\n<\/ul>\n<\/div>\n<p align=\"justify\"><strong><br \/>\nSystem Reforms<\/strong> <\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>The GST Council accepted the recommendations       of the Group of Ministers (<strong>GoM) formed for system reforms.<\/strong><\/li>\n<ul type=\"circle\">\n<li>Availability of the outcome of any        verification to the tax officers.<\/li>\n<li>GST Network (GSTN) to make information        related to all bank accounts linked to a particular PAN available to        authorities.<\/li>\n<li>GSTN to take necessary steps to make        information on the development of a feedback mechanism available for        capturing the feedback of leads generated by systems to alert tax        authorities.<\/li>\n<li>Using Mandatory Biometric authentication for        high-risk applicants for GST registration.<\/li>\n<li>Artificial Intelligence (AI) based        interdiction to generate the report for officers for high-risk applicants        for GST registration. <\/li>\n<li>Online or site verification with the help of Geo-coding        to obtain the correct address of taxpayers and to allow a smooth physical        verification of high-risk taxpayers.<\/li>\n<li>Inclusion of Electricity bill metadata (CA        No.) as a data field in the GST registration application and be verified        to improve the quality of addresses in GST system.<\/li>\n<li>Real-time validation of Bank accounts through        integration of GST system with the National Payments Corporation of India        (NPCI).<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<p align=\"justify\"><strong><br \/>\n  Rate rationalisation<\/strong><br \/>\nIn the meeting on  Tuesday, the Council accepted the interim report of the group of state finance  ministers, headed by Karnataka Chief Minister Basavaraj S Bommai, on rate  rationalisation, including correction of inverted duty structure and removing  tax exemption on some items, to simplify the rate structure which means 14 goods and 22  services could undergo rate revision. Some of the rate revision cases are as  follows-<\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<ul type=\"circle\">\n<li>5% &#8211; Unroasted coffee beans, unprocessed        green leaves of tea, wheat bran, de-oiled rice bran, Room        rent (excluding ICU) charged for hospitalised patients where the hospital        room charges are above Rs 5,000 per day <\/li>\n<li>12% &#8211; Host of        services including on hotel accommodation of less than Rs 1,000 per day&nbsp;<\/li>\n<li>18% on e-waste (earlier 5%), cheques,        loose or in book form <\/li>\n<li>Higher rate &#8211; Petroleum\/coal bed methane        (earlier 5%)<\/li>\n<\/ul>\n<\/ul>\n<ul type=\"disc\">\n<li><strong>GST Exemptions have been withdrawn for       essential consumable items.<\/strong> <\/li>\n<ul type=\"circle\">\n<li>No more exemption on packaged curd, lassi,        buttermilk, puffed rice, flattened rice, parched rice, pappad, paneer, honey,        food grains, cereals, jaggery, and certain veggies.&nbsp;<\/li>\n<li>No more&nbsp;<strong>GST exemption on services<\/strong>&nbsp;such        as-&nbsp;<\/li>\n<ul type=\"square\">\n<li>Reinsurance of exempted         insurance schemes,&nbsp;<\/li>\n<li>Services by RBI, IRDA to         insurers, SEBI, GSTN to government, Services by way of registration by FSSAI         to food business operators.<\/li>\n<li>Transport of passengers in         business class from airports located in North East states,         Transportation of newspapers, magazines and railway equipments by         rail\/vessel\/road.<\/li>\n<\/ul>\n<li>No more&nbsp;<strong>GST exemption&nbsp;<\/strong>for&nbsp;<\/li>\n<ul type=\"square\">\n<li><strong>Renting of <\/strong>religious         place meant for the general public if the per day rent is above         Rs.5,000\/day.<\/li>\n<li>Shops with rent of more         than Rs 2,500\/month.<\/li>\n<\/ul>\n<\/ul>\n<\/ul>\n<\/div>\n<p align=\"justify\"><strong><br \/>\nCorrection in the inverted tax structure<\/strong><\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>Decisions for correcting the <strong>inverted tax structure<\/strong> were as follows-<\/li>\n<ul type=\"circle\">\n<li>The GST rate for edible oils not to undergo any correction.<\/li>\n<li>GST rate was increased from 12% to 18% for &#8211; Printing, writing, and drawing ink, LED lights, fixtures, and LED lamps.<\/li>\n<li>GST rate was increased from 5% to 12% for &#8211; Solar water heater and system, Finished and composition leather, works        contract to government, and tailoring and other textile job works.<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n<p align=\"justify\"><strong><br \/>\nOthers<\/strong><\/p>\n<div align=\"justify\">\n<ul type=\"disc\">\n<li>The GST Council has decided to refer the matter of setting up <strong>GST Tribunals<\/strong> to GoM to delibrate and come up with a report on detailed structure<strong> of GST Tribunals<\/strong>.<\/li>\n<li>The GST Council deferred the implementation of the <strong>GST margin scheme for tour operators <\/strong>and instead indicated studying the proposal in detail.<\/li>\n<li>The GST Council will study Tax exemption on services to Panchayat &amp; Municipalities<\/li>\n<\/ul>\n<\/div>\n<p align=\"justify\">\n  Further, the meeting of the Council, chaired by the Union  Finance Minister Nirmala Sitharaman and comprising state counterparts, will  also clear levying the highest tax of 28 per cent on online games, casinos and  horse racing, besides, measures to curb tax evasion, especially devising ways  to tackle high-risk taxpayers in GST. <\/p>\n<p>The Union Finance Minister is expected to address the press  and media later in the evening.<strong> <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2022\/06\/47th.jpg<\/p>\n","protected":false},"author":1,"featured_media":7553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7551"}],"collection":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/comments?post=7551"}],"version-history":[{"count":6,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7551\/revisions"}],"predecessor-version":[{"id":7559,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7551\/revisions\/7559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media\/7553"}],"wp:attachment":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media?parent=7551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/categories?post=7551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/tags?post=7551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}