New Delhi, CBIC Chairman Sanjay Kumar Agarwal on Wednesday said that the decisions taken in the GST Council meeting last month, such as the amnesty scheme for the early years of implementation and the expiry date for complaints by speculation, they will be incorporated into the finance bill to be presented to Parliament. along with the Budget later this month.
Addressing NACIN-Bhopal's flagship program on GST, Agarwal said rationalization of rates for some goods and services was proposed in the 53rd GST Council meeting, while clarifications have been issued in some cases.
"For cases of resolution and resolution of disputes that arose at the time of implementation of GST during the challenges faced by small businesses, several decisions have been taken on those issues which may become part of the Finance Bill so that necessary changes can be made to the GST law," Agarwal said.
The full budget for fiscal year 2024-25 is scheduled to be presented in the Lok Sabha later this month.
The Finance Bill 2024 will be presented as part of the budget year incorporating in detail the changes in direct and indirect taxes proposed in the Budget.
The 53rd meeting of the GST Council, comprising state and Center finance ministers, was held on June 22.
The Council had, among other things, approved an amendment to the law to insert a new Section 11A in the Central GST Act to provide powers to the government to allow regularization of non-taxation or short taxation of GST, where the tax is overpaid or not paid at all. due to common business practices.
The GST Council also recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the appellate tribunal to commence from a date to be notified by the Government in respect of the orders of appeal/review approved prior to date. of said notification.
This would give taxpayers enough time to file appeals with the appeals court in pending cases.
In a taxpayer-friendly move, the council also decided to waive interest and penalty on demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or intentional misstatement) for 2017-18, 2018 -19 and 2019. 20, if the total tax required is paid before March 31, 2025.
Another amendment to the law passed by the Council refers to Section 171 and Section 109 of the CGST Act, 2017 to provide a sunset clause for anti-profiteering activities under GST and to provide for handling of anti-profit cases. profit by the apex bench of the GST Appellate Tribunal (GSTAT). ).
The council also recommended a deadline of April 1, 2025 for the receipt of any new applications related to combating speculation.
Addressing NACIN-Bhopal's flagship program on GST, Agarwal said rationalization of rates for some goods and services was proposed in the 53rd GST Council meeting, while clarifications have been issued in some cases.
"For cases of resolution and resolution of disputes that arose at the time of implementation of GST during the challenges faced by small businesses, several decisions have been taken on those issues which may become part of the Finance Bill so that necessary changes can be made to the GST law," Agarwal said.
The full budget for fiscal year 2024-25 is scheduled to be presented in the Lok Sabha later this month.
The Finance Bill 2024 will be presented as part of the budget year incorporating in detail the changes in direct and indirect taxes proposed in the Budget.
The 53rd meeting of the GST Council, comprising state and Center finance ministers, was held on June 22.
The Council had, among other things, approved an amendment to the law to insert a new Section 11A in the Central GST Act to provide powers to the government to allow regularization of non-taxation or short taxation of GST, where the tax is overpaid or not paid at all. due to common business practices.
The GST Council also recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the appellate tribunal to commence from a date to be notified by the Government in respect of the orders of appeal/review approved prior to date. of said notification.
This would give taxpayers enough time to file appeals with the appeals court in pending cases.
In a taxpayer-friendly move, the council also decided to waive interest and penalty on demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or intentional misstatement) for 2017-18, 2018 -19 and 2019. 20, if the total tax required is paid before March 31, 2025.
Another amendment to the law passed by the Council refers to Section 171 and Section 109 of the CGST Act, 2017 to provide a sunset clause for anti-profiteering activities under GST and to provide for handling of anti-profit cases. profit by the apex bench of the GST Appellate Tribunal (GSTAT). ).
The council also recommended a deadline of April 1, 2025 for the receipt of any new applications related to combating speculation.
