The Goods and Services Tax (GST) Council is set to meet on 18th February, 2023 after the 48th Council meeting at the national capital Delhi on Saturday, 17 December had concluded without any decisions on the highly anticipated GST Appellate Tribunals, tax rate applicable on gutkha and pan masala.
The following were the key highlights of 48th GST Council meeting:
However, the Finance Minister Nirmala Sitharaman had said that no decision on GST Appellate Tribunal were taken and that both GoM reports on pan masala, gutka and the much awaited GSTAT will be discussed in next meeting, which according to the tweet by the official twitter handle of the GST Council, is scheduled to be held later this month.
Major expectations of the industry include key decisions on the constitution of the GST Appellate Tribunal, reconsideration of ITC restrictions, simplification of the GST Registration restoration process and other amendments to ensure easier compliance.
Many of the proposals in the last Goods and Services Tax Council meeting were proposed to be given legislative effect in the Finance Bill 2023, tabled in the Budget Speech by the FInance Minister Nirmala Sitharaman.
Suggestions that the council may expedite the process had also mushroomed prior to the last council meeting. The meeting to be held on 18th February will, therefore be crucial on the constitution of the GST appellate tribunals across the country, giving the much deserving relief to the High Courts being rushed to for minor matters which were originally to be addressed to the tribunals.
Tweet: https://twitter.com/GST_Council/status/1621505524733984770?s=20&t=JcLDLuaSZK18GaJ0dTDuFw
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