50th GST council meeting Important decisions taken- Details are here under
- System-based intimation to the taxpayers in respect of the excess availment of input tax credit in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B
- 28% Goods and Services Tax on the full value of the bets placed in Online Gaming
- 28% Goods and Services Tax on the value of the chips purchased in casinos
- ISD mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of Goods and Services Tax law. Amendment may be made in Goods and Services Tax law to make Input Services Distributor mechanism mandatory prospectively
- Goods and Services Tax Appellate tribunal will be started in a phased manner
- Refund of accumulated input tax credit to be restricted to input tax credit appearing in FORM GSTR-2B
- Relaxations provided in Financial Year 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for Financial Year 2022-23
- Supply of food and beverages in cinema halls is taxable at 5%
- No Reverse Charge Mechanism on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company
- Transporters will not be required to file declaration for paying Goods and Services Tax under forward charge every year
- If the sale of cinema ticket and supply of food and beverages clubbed together then Goods and Services Tax rate of cinema ticket will apply
- No GSTR-9 for turnover upto Rs. 2 cr
- To provide for physical verification in high-risk cases even where Aadhaar has been authenticated.
- Relief for taxpayer, Govt extended the special procedure regarding mismatch in input tax credit availed in GSTR-3B and 2A for two more years i.e 2019-20, 2020-21 & upto 31.12.21.
- Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023
- Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period
- To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant
- Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO.
- On material supplied under replacement and warranty, there is no requirement for ITC reversal.
- The GST Council suggested that the matter of reveral of ITC for warranty replacement of components and repair services provided throughout the warranty period without taking the customers' preferences into account be clarified.
- It must be made explicit that the manufacturer is not responsible for charging GST on such replacement components or repair services, nor is the manufacturer compelled to reverse input tax credits.
- Now you may option of Pay Goods and Services Tax under forward charge by Goods Transport Agency:
- Goods and Services Tax on Goods Transport Agency Services is payable under reverse charge mechanism @ 5 Percentage. But, the Goods Transport Agency has an option to pay Goods and Services Tax under forward charge @ 12 Percentage.
- The Goods Transport Agency can exercise this option by filing a declaration by 15th March of the Last FY. The above-mentioned declaration is needed to be submitted every year.
- Goods and Services Tax Council has recommended that Goods Transport Agency will not be needed to file declaration yearly basis. In case you Goods Transport Agency have once exercise Option than it will be remain valid for future FY’s unless a declaration is filed that Goods Transport Agency wants to revert to RCM.
- Also, Last date of exercising option will be every 31st March of the Last FY instead of 15th March. Declaration can be filed with effect from 1st January onwards of the Last FY.
- Goods and Services tax Council has recommended the below amendment in New Rates of GST:
Items / Goods
Proposed GST Rate
Existing GST Rate
Imitation Zari thread or yarn
Fish soluble paste
unfried or Uncooked snack pellets