Home Fashion 49th GST Council meeting adopts Group of Ministers report with changes

49th GST Council meeting adopts Group of Ministers report with changes

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The recent 49th Goods and Services (GST) Council meeting, led by minister for finance and corporate affairs Nirmala Sitharaman in New Delhi, adopted the report of the Group of Ministers with certain modifications. It was decided that if a tag- tracking device or data logger is already affixed on a container, no separate integrated GST shall be levied on it.

The ‘nil’ IGST treatment available for the containers shall also apply to such affixed devices subject to existing conditions.

The recent 49th Goods and Services (GST) Council meeting, led by minister for finance and corporate affairs Nirmala Sitharaman in New Delhi, adopted the report of the Group of Ministers with certain modifications. It was decided that if a tag- tracking device or data logger is already affixed on a container, no separate integrated GST shall be levied on it.

The final draft amendments to the GST laws shall be circulated to members for their comments, an official release said.

The government has decided to clear the entire pending balance GST compensation of ₹16,982 crore for June 2022. As there is no amount in the GST Compensation Fund, the government decided to release this amount from its own resources and the same will be recouped from the future compensation cess collection.

The GST Council recommended amendments so that the time limit for making an application for revocation of cancellation of registration can be increased from 30 days to 90 days. Where the registered person fails to apply for such revocation within 90 days, the said time period may be extended by the commissioner or an officer authorised by him in this behalf for a further period not exceeding 180 days.

The Council also recommended that an amnesty may be provided in the past cases, where registration has been cancelled on account of non-filing of the returns, but application for revocation of cancellation of registration could not be filed within the specified time, by allowing such persons to file such application for revocation by a specified date, subject to certain conditions.

Fibre2Fashion News Desk (DS)




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