52nd GST Council recommends changes in GST tax rates and measures for facilitation of trade - (07 Oct 2023)

Goods and Services Tax

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance and Corporate Affairs. Foreign going vessels are liable to pay 5% IGST on the value of the vessel, if it converts to coastal run. Now, GST Council recommends conditional IGST exemption to foreign flag foreign going vessel when it converts to coastal run subject to its reconversion to foreign going vessel in six months. 52nd GST Council recommends amendments in conditions of appointment of President and Member of the proposed GST Appellate Tribunals.

GST Council recommended to keep Extra Neutral Alcohol (ENA) used for manufacture of alcoholic liquor for human consumption outside GST. The Council has recommended to issue a circular to clarify the admissibility of export remittances received in Special INR Vostro account, as permitted by RBI, for the purpose of consideration of supply of services to qualify as export of services in terms of the provisions of sub-clause (iv) of clause (6) of Section 2 of the IGST Act, 2017.

The Council has recommended providing an amnesty scheme through a special procedure under Section 148 of CGST Act, 2017 for taxable persons, who could not file an appeal under Section 107 of the said Act, against the demand order under Section 73 or 74 of CGST Act, 2017 passed on or before the 31st day of March, 2023, or whose appeal against the said order was rejected solely on the grounds that the said appeal was not filed within the time period specified. In all such cases, filing of appeal by the taxpayers will be allowed against such orders upto 31st January 2024, subject to the condition of payment of an amount of pre-deposit of 12.5% of the tax under dispute.

Tags : GST COUNCIL RECOMMENDATIONS MEASURES