Highlights of the 50th GST Council Meet


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	Blog Categories All Business eMail Hosting (9) Cloud Solutions (34) Compliance Calendar (4) Culture at Webtel (3) Digital Business Card (1) Digital Database (2) Digital Signature (11) e-Invoicing in KSA (56) GST (47) HR & Payroll (46) Income Tax (29) Office Automation (32) Remote Desktop Solution (7) Remote Work (3) SAP ERP Management (23) TDS/TCS (14) Updates and Press Releases (32) Website Designing (7) XBRL & Cost-XBRL (9) Highlights of the 50th GST Council Meet Category: GST, Posted on: 14/07/2023 , Posted By: Webtel Visitor Count:2482 Held on July 11, 2023, at Vigyan Bhawan, New Delhi, the 50th GST Council Meeting introduced various key decisions and changes. This blog has covered the key highlights of the 50th GST Council Meet. Change in Tax Rates Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value. Bringing down rates from 18 percent to 5 percent on 4 items. Cess to be applicable to all SUVs which meet the prescribed parameters. Taxpayer-friendly measures Notification of GST Appellate Tribunal by the Centre with effect from August, 2023. GTAs will be required to file declaration for paying GST under forward charge once only by 31st March. No need to file every year. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23. Further, for easing compliance burden on smaller taxpayers, exemption from filing of annual return (in FORM GSTR-9/9A) for taxpayers having aggregate annual turnover upto two crore rupees, to be continued for FY 2022-23 also. To provide for manual filing of appeal under certain specified circumstances. To extend the 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 and deemed withdrawal of assessment orders issued under Section 62 of CGST Act, 2017, till 31.08.2023. Clarifications 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 or body corporate are not taxable under RCM. Supply of food and beverages in cinema halls is taxable @ 5% unless the same is clubbed in ticket price. Certain issues related to Input Services Distributor (ISD) mechanism. Various issues pertaining to the GST liability as well as the liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period without any consideration from the customers. Refund related issues. TCS liability in cases where multiple E-commerce Operators (ECOs) are involved in a single transaction of supply of goods or services or both. Disclaimer: The content of the blog does not create any responsibility of the firm / its authorized persons whose website is being accessed. The blog is not for legal use. Kindly verify the correctness of data/contents from your own sources. This is only for information purpose. Add a Comment Name: Your Comment: View Comments (0)

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