Short Overview of 49th GST Council Updates

 

1.     Exports of pan masala,  gutka, chewing tobaccos to beallowed against LUT only

2.     No capacity-based taxation for Pan-masala, Gutkha and other tobacco related items as such levy is against constitutional provision because under GST ‘supply’ is the taxable event not capacity of the machines

3.     Compensation cess levied on pan masala, gutkha, chewing tobacco to be changed from transaction value to MRP based levy

4.     Extension of time limit for application for revocation of cancellation of registration from 30 days to 90 days

5.     One time amnesty scheme for past cases of GST cancellation on account of non-filing of the returns, but application for revocation of cancellation of registration could not be filed within the time

6.     Late fee for filing GSTR-9 for FY 2022-23 reduced from Rs 200 per day to Rs 50 per day (Rs 100 per day if turnover exceeds 5 crores) subject to maximum of 0.04% of turnover

7. One time amnesty scheme in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee

8. Rationalization of provision of place of supply of services of transportation of goods