GST Council Meeting Key Highlights: The GST Council held its 52nd meeting on October 7, 2023, under the chairmanship of Union Finance Minister Nirmala Sitharaman. The Council made a number of decisions that are expected to benefit businesses and consumers alike.
Key Highlights of 52nd GST Council Meeting
- All services provided by Indian Railways will be subjected to forward charge, with ITC available for discharging liabilities.
- Foreign-owned Coastal Vessels Doing Coastal Runs in India Exempted from IGST to Promote Tourism.
- An Advocate with 10 years of experience in indirect tax law practice can now be a Judicial Member at GSTAT.
- No retrospective implication for GST on online gaming, betting, etc.
- Corporate Guarantee Given by the company to a subsidiary company to attract GST.
- Zari will attract 5%, not 18%.
- Nil rate of GST for selling millet flour in powder form being blended with any other atta with 70% composition of millets as unpackaged/lose and 5% for pre-packaged or labeled.
- The GST on molasses has been reduced from 28% to 5%. This will benefit sugarcane farmers due to the lower taxes. The same will also lead to a reduction in the cost of cattle feed.
- GST rate notification will be amended to create entry for ENA for industrial use to be taxed at 18%.
- The one-year time limit for the provisional attachment of property will be now mentioned in the GST Rules to avoid practical difficulties at the time of property release from banks after one year.
- Amnesty scheme with the appeal filing time granted until 31st January 2024 extended from the time limit of three months for all the orders passed till March 2023 with enhanced pre-deposit.
- The discussion around GST on hostels has been deferred to the next meeting.
Impact of the GST Council’s decisions
The reduction in GST rates is expected to make Indian Railways more affordable for passengers, boost trade and commerce in India, and benefit farmers, consumers, and businesses alike.
The extension of the amnesty scheme is expected to provide relief to businesses that have been unable to comply with GST requirements due to various reasons.
The deferral of the decision on GST on hostels will give more time to all stakeholders to provide their feedback on the proposal.
Overall, the decisions taken by the GST Council in its 52nd meeting are expected to have a positive impact on the Indian economy.
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