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Keys Decisions in the GST Council 47th Meeting: A Short Overview
- Issuance of the following circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:a.Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification.
b.Clarification on various issues relating to applicability of demand and penalty provisions under the CGST Act in respect of transactions involving fake invoices.
c.Clarification on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B.
d.Clarification in respect of certain GST related issues:
i. Clarification on the issues pertaining to refund claimed by the
recipients of supplies regarded as deemed export;
ii. Clarification on various issues relating to interpretation of
section 17(5)of the CGST Act;
iii. Clarification on the issue of perquisites provided by employer to
the employees as per contractual agreement;
iv. Clarification on utilization of the amounts available in the
electronic credit ledger and the electronic cash ledger for
payment of tax and other liabilities2. Time period from 01.03.2020 to 28.02.2022 to be excluded from calculation of the limitation period for filing refund claim by an applicant under section 54 and 55 of CGST Act, as well as for issuance of demand/order (by proper officer) in respect of erroneous refunds under section 73 of CGST Act.
3. Further, limitation under section 73 for FY 2017-18 for issuance of order in respect of other demands linked with the due date of annual return, to be extended till 30th September, 2023.
4.The Council has decided to constitute a Group of Ministers to address various concerns raised by the States in relation to constitution of GST Appellate Tribunal and make recommendations for appropriate amendments in CGST Act- Looks like the government is going to accept HC-Madras Decision and seems Apex Court confirming the same.
5. Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22 to be provided to taxpayers having AATO upto Rs.2 crores.
- Amendment in CGST Rules for handling of pending IGST refund claims: In cases of risky exporters, the refund claims in respect of export of goods are suspended/withheld.
Amendment in rule 96 of the CGST Rules has been recommended to
provide for transmission of such IGST refund claims on the portal in a system generated FORM GST RFD-01 to the jurisdictional GST authorities for processing. This would result in expeditious disposal of such IGST refund claims, after due verification by GST officers.
7. Change in formula for calculation of refund under rule 89(5) to take into account ITC on input services also.