Highlights of the 49th GST Council Meeting

On February 18, 2023, the 49th GST Council meeting was held in New Delhi.

This is the first GST Council Meeting soon after the Budget 2023.

Highlights of 49^th GST Council Meeting.

 

1)    GST on Liquid Jaggary reduced

The GST rate on liquid jaggery has been reduced from 18% to 0%. The GST rate on labelled/packaged liquid Jaggary has been reduced to 5%.

2)    GST on pencil sharpeners reduced

The tax on pencil sharpeners has been reduced from 18% to 12%. 

3)    RCM to be levied on services provided by courts and tribunals

The taxable services provided by the courts and tribunals will be subject to GST on RCM basis.

4)    Exemption to educational institutions in respect of entrance exams

Exemption is granted to educational institutions and Central and State educational boards for conducting entrance exams to any authority, board, or body established by the CG or SG for conducting entrance exams for admission to educational institutions

 

5)    Late fees for delayed filing of annual returns rationalized

Late fees has been reduced to Rs. 25/50 per day depending upon the turnover. Currently, the late filing fee is Rs. 200 per day irrespective of turnover.

 

6)    IGST on a device attached to a container

If a device such as a tag-tracking device or data logger is already attached to a container, no separate IGST shall be levied on such affixed device, and the containers shall be eligible for the 'nil' IGST treatment.

 

7)    Time limit for filing an application for revocation or cancellation of  registration  

The time limit for filing an application for revocation or cancellation of registration is extended from 30 to 90 days.

8)    Late fees waiver in respect of pending GSTR4, GSTR9 and GSTR10.

The Council recommended amnesty schemes 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 to provide relief to a large number of taxpayers.