An overview of the Recommendations of the 52nd GST Council Meeting
The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman is in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya holding finance portfolio, besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.
a) GST Council decided to extend the period of appeals till Jan, 2024 but pre-deposit is enhanced by 2.5%.
b) GST Council decides to exempt the sale of loose millets + 5% tax rate on pre-packaged products.
c) GST Tribunal – Age of President raised up to max 70 & Members up to 67 + Advocates with 10 yrs of experience allowed to apply for Judicial Member.
d) IGST exemption granted to foreign vessels for coastal runs in India.
e) GST Council decides to gift the right to tax ENA to States + tax rate on molasses reduced to 5%.
f) GST – No tax if corporate guarantee is given by Director + If corporate guarantee is given to subsidiary by company, tax to be levied on 1% of sum guaranteed.
The copy of the order is as under: