On July 11, 2023: 50th GST Council Meeting Highlights

On July 11, 2023, the 50th meeting of the GST Council took place at Vigyan Bhawan, New Delhi. This milestone marks the completion of 50 Council meetings since the introduction of GST. The meeting was chaired by Union Finance Minister Nirmala Sitharaman and attended by ministers representing their respective states and Union Territories.

Following are the crucial points made In the 50th meeting of the GST Council today:

1. Here is a brief summary:
2. Transporters will no longer need to file a GST payment declaration letter under the annual forward charge.
3. No reverse charge mechanism (RCM) will be applicable to services provided by a company to itself or its directors, such as providing services to the company by leasing immovable property.
4. Relief for taxpayers: The special procedure for reconciliation of GST returns, GSTR-3B and GSTR-2A, has been extended by two more years for 2019-20 and 2020-21.
5. The amnesty scheme notified through the March 31, 2023, announcement regarding the non-filing of returns in Form GSTR-4, GSTR-9, and GSTR-10 has been extended until August 31, 2023.
6. Verification of the physical presence of the business premises by the applicant is no longer required.
7. Provision of physical verification for high-risk cases, including cases where Aadhaar authentication has been done.
8. Taxpayers will now have system-based information on input tax credit (ITC) in GSTR-3B, which is available in GSTR-2B.
9. 5% GST will be levied on the supply of food and beverages in cinema halls.
10. If cinema ticket sales and the supply of food and beverages are combined, GST will be applicable to the cinema ticket rate.
11. 28% GST on the value of chips purchased in casinos.
12. 28% GST on the full value of bets placed in online gaming.
13. GST Appellate Tribunal will be established in a phased manner.
14. Certain relaxations provided in the financial year 2021-22 for various tables of Form GSTR-9 and Form GSTR-9C have been extended.

Also Read: Income Tax Rules on Gold Jewelry Storage Limit: Important Update on the Maximum Allowable Amount

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