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Finance Minister Nirmala Sitharaman on Saturday said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements.
All the secondment cases filed before various High Courts seem to have become infructuous as the Hon’ble GST Council waived interest and penalty for a certain financial years provided the tax is paid within the stipulated date. Consequently, the timeline for ITC under section 16(4) has also been extended.
Team from TaxMarvel has presented there analysis on the 53rd GST Council meeting held today i.e. 22.06.2024
The GST Council’s recommendations may lead to an influx of applications for rectification of mistakes (ROM) and refund requests. The reason behind this surge is the clarifications proposed by the GST Council, which aim to address issues in favour of taxpayers.
Author CA Swapnil Jain has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024
The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details.
GST Council in its 53rd meeting on June 22 waived off interest and penalty on tax demand notices for the period 2017-2020, provided the assessees pay the tax by March 31, 2025, Finance Minister Nirmala Sitharaman said.
The GST council’s recommendation states that if a demand pertains to 2017-18 to 2019-20 under Section 73 of the CGST Act, interest and penalty will be waived by inserting a new provision under the law. The Council’s intent behind this recommendation could be faster recovery or closing these financial years. However, the fairness of this recommendation for honest taxpayers is a significant debate.
Author CA Rajesh Bhauwala RBC has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024
Author CA Vaishali Kharde has presented his analysis on the 53rd GST Council meeting held today i.e. 22.06.2024 in the PPT attached.