Important Decisions in 52nd GST Council Meeting held on 7th Oct 2023 ft

On 7th Oct 2023 52nd GST Council Meeting was held in new Delhi. Following important decisions were taken in meeting

1.Top Recommendations by the GST Council
👉🏻A GST Amnesty Scheme to extend the appeal filing time till 31.01.2024 against the three-month time limit under the law for all the orders passed till March 2023 with 12.5% pre-deposit of tax, out of which 2.5% is paid in cash. A GST Amnesty Scheme to extend the appeal filing time till 31.01.2024 against the three-month time limit under the law for all the orders passed till March 2023 with 12.5% pre-deposit of tax, out of which 2.5% is paid in cash. A GST Amnesty Scheme to extend the appeal filing time till 31.01.2024 against the three-month time limit under the law for all the orders passed till March 2023 with 12.5% pre-deposit of tax, out of which 2.5% is paid in cash. A GST Amnesty Scheme to extend the appeal filing time till 31.01.2024 against the three-month time limit under the law for all the orders passed till March 2023 with 12.5% pre-deposit of tax, out of which 2.5% is paid in cash.
👉🏻CGST Section 159 to be amended: Automatic restoration of provisionally attached property after completion of one year.
👉🏻Clarified that no GST would apply on personal guarantee offered by directors to the bank against the credit limits/loans sanctioned to the company.
👉🏻Defined the taxable value for corporate guarantee provided between related persons (a holding company to its subsidiary) as 1% of the amount of such guarantee offered, or the actual consideration, whichever is higher.
The GST Council has ceded the right to tax the Extra Neutral Alcohol (ENA) used in liquor for human consumption to states.

2. Rules defined for Composition of GSTAT
👉🏻Minimum age limit is 50 years while the maximum is 70 years for the President and 67 years for members of GSTAT.
👉🏻Advocates with 10 years experience can only be appointed as judicial members.

3.GST Rate changes on goods
👉🏻Millet flour in powder form is blended with any other atta with 70% composition of millets under (HS1901) to attract 0% GST if sold loose and 5% GST if sold pre-packaged and labelled.
👉🏻GST on molasses has been reduced from 28% to 5%.
👉🏻GST on ENA for industrial use to attract 18% by a separate tariff HS code.
👉🏻5% GST on imitation zari thread or yarn made out of metallised polyester film or plastic film (HS 5605) without refund due to inversion.

4.GST Rate changes on services
👉🏻GST exempted on water supply services, public health, etc., supplied to the government authorities, including composite services with up to 25% of the above services.
👉🏻A conditional IGST exemption is given to a foreign flag and foreign going vessel when it converts to coastal run subject to its reconversion in six months.
👉🏻GST exempted on pure and composite services to Central/State/UT governments and local authorities for Panchayat/Municipality functions.
Bus operator companies selling through e-commerce are excluded from CGST Section 9(5) to allow them to pay GST and avail ITC claims.
👉🏻All services provided by Indian Railways will be subjected to forward charge, with ITC available for discharging liabilities.

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