Introduction:
On July 11th, 2023, the 50th GST Council session will take place at Vigyan Bhawan in New Delhi. The supreme authority for indirect taxes in India is the GST Council, which is presided over by the Union finance minister and is made up of delegates from each state and union territory.
On July 11th, 2023, The Goods and Services Tax (GST) Council at Vigyan Bhawan in New Delhi will be having its 50th Council meeting. Since the introduction of the GST, there have been 50 council meetings. Here are some things you can expect from the following Council meeting.
The creation of the GST Appellate Tribunals:
By facilitating and speeding up indirect tax cases, GSTATs are projected to lessen the strain on taxpayers and the judicial system, which has been a long-standing desire of taxpayers. Therefore, this topic might be covered at the 50th GST Council meeting. Currently, taxpayers have two complicated and costly options: they can pay their GST claims in the complaint or file lengthy appeals in high courts. GSTATs would serve as the second place for an appeal if GSTATs were established. They would also act as a common platform for the Centre and the states to settle disputes.
The central government was asked by a group of businesses to take a temporary measure and consent to the plea by taking the half amount through the assessee. Additionally, the Group of Ministers (GoM) report was endorsed by the Council at its most recent meeting with a few changes. Members will receive a copy of the final draught of the GST law revisions for comment. The Chairperson has been permitted to make the decision.
The Council is also anticipated to approve the GST Appellate Tribunal's working rules.
The recommendation of a committee of state ministers to establish GST Appellate Tribunals received approval with a few amendments during the 49th GST Council meeting in February. The tribunal will handle tax issues and speed up the process of settlement.
To simplify and hasten the GST dispute settlement procedure, it is suggested that a 4-member appeal tribunal be established in each state. Each state appellate tribunal will have two judicial members as well as two technical members (one officer from the central and one from each of the states). Additionally, a national appellate tribunal with one member from the judiciary and one from the technological field will be established in Delhi.
At its 49th meeting in February, the GST Council decided to lower the GST rate on pencil sharpeners from 18% to 12%. It also resolved to lower the tax rate on some tracking devices and lower the GST rate on liquefied jaggery, which was formerly 18%, to 0% or 5%.
The late penalties for annual returns were also rationalized. For yearly returns up to 5 crores, the late charge has been set at Rs. 25 per day, with a cap of 0.02 percent of his revenue. The late fee that will be charged will be Rs 50 per day for taxpayers with a revenue of Rs 5 crore to Rs 20 crore.
Discussion on Horse Racing, Online Gaming, and Casinos in the council meet:
Council established a GoM to discuss the taxation of internet gaming, casinos, and horse racing over the previous year. At the moment, the GST rate for online gaming is 18% for skill-based games excluding gambling, and 28% for games of chance, like betting and gambling.
Although the GoM chose a 28% GST rate on all of the profits from all three, it has not yet agreed on a base value for calculating the tax rate and that is why GST Council has to postpone the conversation in February 2023 at its previous meeting. However, the issue relating to this other outstanding matter might be resolved at the upcoming GST Council meeting.
GST Law Amendments to Reflect the Most Recent e-Invoicing Timelines:
Businesses were astonished by the 7-day filing deadline for e-invoices on the Invoice Registration Portal (IRP) last month. even though e-invoicing has been in use for more than two years, there hasn't been a deadline for producing e-invoices till now.
Because taxpayers will delay their e-invoices occasionally and combine and produce them for a week or even a month, this causes problems. The seven-day restriction will only be in effect for taxpayers having a turnover of Rs. 100 crore or more, according to the GST portal's announcement.
But the GST site once more published advice extending the deadline for reporting e-invoices by three months. The revised activation date has not yet been disclosed by the department. Therefore, the Council may talk about it at the following Council meeting and suggest changing the GST law.
Automated GST Return Review and Increased Taxpayer Base:
Recently, Smt. Nirmala Sitharaman, Minister of Finance, requested that the department simplify the procedure of reviewing GST filings and put in place a strategy to expand the taxpayer base via better use of technologies. The FM instructed the CBIC to analyze the cases already booked, create a thorough analysis, and make proposals for technology-based remedies following a discussion with senior authorities.
The enhancement of taxpayer services, employee welfare, and grievance redress were a few of the other topics examined in the evaluation. Even though the department is anticipated to take action on this subject, there is a possibility that it will be discussed at the future Council meeting, particularly in relation to return inspection and revenue amplification.
Added anticipations:
The various millet items and associated rates are now specified on a GST fitment panel. According to the sources, the fitting panel is made up of state and federal authorities who classify the items for which millets are essential.
The Council may also talk about changing the textile industry's inverted tax system. The meeting will probably be held to talk about some open issues and GST administrative modifications. On February 18, 2023, in New Delhi, the 49th GST Council meeting took place. The late fee was decreased and an amnesty program for filing GST returns that were filed late was established.
Conclusion:
The GST Council announced in a tweet on Thursday that its 50th meeting would take place at Vigyan Bhawan in New Delhi on July 11th, 2023. The GST Council would probably consider the GST on cement issue at its 50th meeting. In addition, it is anticipated that it will discuss the GST rate that would be applied to gaming via the Internet. On July 11th, the Goods and Services Tax (GST) will convene in Delhi to examine a number of unfinished business matters, such as reports on online gaming and commerce, the reorganization of the Group of Ministers, and the adjustment of reversed levies on outstanding items.
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