Loading...

⚠ ✕
❮ Top
☎ Help
☰
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search ✕
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
╳
Add to...
You have not created any category. Kindly create one to bookmark this item!
✕
Create New Category
Hide
Title :
Description :
❮❮ Hide
❮ Default View
Expand ❯❯
Close ✕
🔎 Filters / Advanced Search ❯
TEXT

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In
Main Text + AI Text ❯
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ---- ❯
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ---- ❯
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ---- ❯
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    IDFC FIRST Bank enables Direct Tax payments through UPI, cards, net banking and branches
    Sensex slumps 1,248 pts as IRDAI proposal hits financial shares; rising crude, US yields weigh
    Bajaj Finance Personal Loan Offers Rs. 40,000 to Rs. 55 Lakh with Tenures up to 108 Months
    MCA issues advisory - cautions public against high-return promises by non-compliant Nidhi Companies
    Banks likely to deploy excess liquidity over next few months amid strong credit demand: RBI Deputy Guv
    Assam Cabinet approves rules for compulsory registration of Muslim marriages
    The Indian Economy in an Ever More Volatile and Complex World - Special Address by Dr. Poonam Gupta, Deputy Governor, Reserve Bank of India at the 13t...
    Technopark software exports rise 17.3 pc to Rs 17,092 cr in FY26
    IIEST, Shibpur partners with TCS to launch state-of-the-art centre of excellence in AI
    AAP holds protest at GMADA office in Mohali as ED's searches continue
    CMRL ''payments'' to UDF, LDF leaders prevented Vigilance probe against Vijayan, claims Ker BJP
    US and China agree to extend trade truce by 2 months: Bessent
    DRI seizes around 21 kg foreign-origin gold worth Rs. 32 crore in crackdown on gold smuggling
    DRI seizes around 12 kg foreign-origin gold smuggled from Bangladesh worth Rs. 17 crore in a crackdown on cross border gold smuggling
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman inaugurates BRICS Heads of Tax Authorities Meeting in New Delhi
    DRI seizes 86 live Tokay Geckos in Assam in a crackdown on wildlife trafficking; two arrested
    DRI seizes 10,000 kg of firecrackers worth Rs. 3 crore at Nhava Sheva port
    CCI approves acquisition of certain additional equity share capital of IIFL Capital Services Ltd by FIH Mauritius Investments Ltd.
    CCI approves acquisition of Onesto Labs Private Limited by L’Oréal India Private Limited
    Central govt employees to get salary in advance on Sep 25 in view of 3-day bank strike
❮
❯
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 24, 2026
Show AI Summary
Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
Show AI Summary
Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
Show AI Summary
Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
Show AI Summary
Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
Show AI Summary
FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
Show AI Summary
Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
Show AI Summary
Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
Show AI Summary
Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
Show AI Summary
Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
Show AI Summary
Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
Show AI Summary
Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
Show AI Summary
Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
Show AI Summary
Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
Show AI Summary
Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
Show AI Summary
BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
Show AI Summary
Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.
September 24, 2026
Show AI Summary
Restricted firecracker imports concealed through misdeclaration trigger seizure and criminal investigation under customs enforcement law.
Concealment of restricted firecrackers within an import container declared as bottles and wallpaper resulted in customs seizure under the Customs Act, 1962. Firecracker imports are restricted under the Foreign Trade Policy and require valid Directorate General of Foreign Trade authorisation and a Petroleum and Explosives Safety Organisation licence under the Explosives Rules, 2008. Investigation into attempted clandestine clearance led to the arrest under the Customs Act of a key syndicate member alleged to have orchestrated the import.
September 24, 2026
Show AI Summary
Merger-control approval permits FIHM's phased acquisition of IIFL Capital Services equity through subscription, open offer and promoter purchase.
Merger-control approval permits FIHM to acquire certain additional equity share capital of IIFL Capital Services through a preferential issue on a private-placement basis and through shares tendered in a mandatory open offer. FIHM may also buy shares from the target's promoters if its aggregate shareholding with HWIC remains below the Target Shareholding after these steps.
September 24, 2026
Show AI Summary
Full ownership acquisition in beauty and personal care receives competition approval for skin care and hair care operations.
Competition approval covers L'Ore al India Private Limited's acquisition of the entire shareholding in Onesto Labs Private Limited. The proposed combination concerns India's beauty and personal care sector and places the Target under the Acquirer's full ownership. Both entities operate in beauty and personal care products, including skin care and hair care.
September 23, 2026
Show AI Summary
Advance disbursement of central government pay addresses anticipated banking disruption, with subsequent adjustment against the following month's entitlements.
Advance disbursement of September 2026 salary, wages and pensions is authorised on 25 September for central government employees, industrial employees and pensioners because of the proposed bank strike. Payments constitute advance payments and must be adjusted after full monthly entitlements are determined, with any adjustment made from October salary or wages. End-of-month banking transactions should, where feasible, be processed in advance.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Back

All News

Recommendations of 47th GST Council Meeting

June 29, 2022

Contents
Circulars
Plus +
Summary
Note

Note

-

Bookmark

Print

Print

Recommendations of 47th GST Council Meeting

GoM on Casino, Race Course and Online Gaming to re-examine the issues based on further inputs from States and submit its report within a short duration

GoM to be constituted to address various concerns raised by the States on GST Appellate Tribunal and amendments in CGST Act

GoM on IT Reforms, inter alia, recommended that the GSTN should put in place the AI/ML based mechanism

All rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022

The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.

The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure:

 I. Recommendations relating to GST rates on goods and services

A. Rate Rationalization to remove inverted duty structure [Approval of recommendations made by GoM on rate rationalization]

S. No.

Description

From

To

GOODS

  1.  

Printing, writing or drawing ink

12%

18%

  1.  

Knives with cutting blades, Paper knives, Pencil sharpeners and blades therefor, Spoons, forks, ladles, skimmers, cake-servers etc

12%

18%

  1.  

Power driven pumps primarily designed for handling water such as centrifugal pumps, deep tube-well turbine pumps, submersible pumps; Bicycle pumps

12%

18%

  1.  

Machines for cleaning, sorting or grading, seed, grain pulses; Machinery used in milling industry or for the working of cereals etc; Pawan Chakki that is Air Based Atta Chakki; Wet grinder;

5%

18%

  1.  

Machines for cleaning, sorting or grading eggs, fruit or other agricultural produce and its parts, Milking machines and dairy machinery

12%

18%

  1.  

LED Lamps, lights and fixture, their metal printed circuits board; 

12%

18%

  1.  

Drawing and marking out instruments

12%

18%

  1.  

Solar Water Heater and system;

5%

12%

  1.  

Prepared/finished leather/chamois leather / composition leathers;

5%

12%

  1.  

Refund of accumulated ITC not to be allowed on flowing goods:

  1. Edible oils
  2. Coal

 

Services

  1.  

Services supplied by foreman to chit fund

12%

18%

  1.  

Job work in relation to processing of hides, skins and leather

5%

12%

  1.  

Job work in relation to manufacture of leather goods and footwear

5%

12%

  1.  

Job work in relation to manufacture of clay bricks

5%

12%

  1.  

Works contract for roads, bridges, railways, metro, effluent treatment plant, crematorium etc.

12%

18%

  1.  

Works contract supplied to central and state governments, local authorities for historical monuments, canals, dams, pipelines, plants for water supply, educational institutions, hospitals etc. & sub-contractor thereof 

12%

18%

  1.  

Works contract supplied to central and state governments, union territories & local authorities involving predominantly earthwork and sub-contracts thereof

5%

12%

 B.    Other GST rate changes recommended by the Council

S. No.

Description

From

To

Goods

  1.  

Ostomy Appliances

12%

5%

  1.  

Orthopedic appliance- Splints and other fracture appliances; artificial parts of the body; other appliances which are worn or carried, or implanted in the body, to compensate for a defect or disability; intraocular lens

12%

5%

  1.  

Tetra Pak (Aseptic Packaging Paper)

12%

18%

  1.  

Tar (whether from coal, coal gasification plants, producer Gas plants and Coke Oven Plants.

5%/18%

18%

  1.  

IGST on import of Diethylcarbamazine (DEC) tablets supplied free of cost for National Filariasis Elimination Programme

5%

Nil

  1.  

Cut and Polished diamonds

0.25%

1.5%

  1.  

IGST on specified defence items imported by private entities/vendors, when end-user is the Defence forces.

Applicable rate

Nil

Services

1.

Transport of goods and passengers by ropeways.

18%

5% (with ITC of services)

2

Renting of truck/goods carriage where cost of fuel is included

18%

12%

 C Withdrawal of exemptions [Approval of recommendations made by GoM on rate rationalization]

C1.     Hitherto, GST was exempted on specified food items, grains etc when not branded, or right on the brand has been foregone. It has been recommended to revise the scope of exemption to exclude from it prepackaged and pre-labelled retail pack in terms of Legal Metrology Act, including pre-packed, pre-labelled curd, lassi and butter milk.

 C.2    In case of the following goods, exemption from GST will be withdrawn: 

S. No.

Description of goods

From

To

GST rate changes

  1.  

Cheques, lose or in book form

Nil

18%

  1.  

Maps and hydrographic or similar charts of all kinds, including atlases, wall maps, topographical plans and globes, printed

Nil

12%

  1.  

Parts of goods of heading 8801

Nil

18%

 C.3    In case of the following goods, the exemption in form of a concessional rate of GST is being rationalized: 

S. No.

Description of goods

From

To

GST rate changes

  1.  

Petroleum/ Coal bed methane

5%

12%

  1.  

Scientific and technical instruments supplied to public funded research institutes

5%

Applicable rate

  1.  

E-waste

5%

18%

 C4.   In case of Services, following exemptions are being rationalized: 

S. No.

Description

 

1.

Exemption on transport of passengers by air to and from NE states & Bagdogra is being restricted to economy class

2

Exemption on following services is being withdrawn.

  1. Transportation by rail or a vessel of railway equipment and material.
  2. storage or warehousing of commodities which attract tax (nuts, spices, copra, jaggery, cotton etc.)
  3. Fumigation in a warehouse of agricultural produce.
  4. Services by RBI,IRDA,SEBI,FSSAI,
  5. GSTN.
  6. Renting of residential dwelling to business entities (registered persons).
  7. Services provided by the cord blood banks by way of preservation of stem cells

3.

Like CETPs, common bio-medical waste treatment facilities for treatment or disposal of biomedical waste shall be taxed at 12% so as to allow them ITC

4.

Hotel accommodation priced upto Rs. 1000/day shall be taxed at 12%

5.

Room rent (excluding ICU) exceeding Rs 5000 per day per patient charged by a hospital shall be taxed to the extent of amount charged for the room at 5% without ITC.

6.

Tax exemption on training or coaching in recreational activities relating to arts or culture, or sports is being restricted to such services when supplied by an individual.

D.  GST on casinos, race course and online gaming

The Council directed that the Group of Ministers on Casino, Race Course and Online Gaming re-examine the issues in its terms of reference based on further inputs from States and submit its report within a short duration.

E.  Clarification on GST rate 

E1.  Goods

  1. Electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of 5%.
  2. All fly ash bricks attract same concessional rate irrespective of fly ash content
  3. Stones covered in S. No.123 of Schedule-I (such as Napa stones), even if they are ready to use and polished in minor ways [not mirror polished], attract concessional GST rate of 5%.
  4. The GST rate on all forms of mango under CTH 0804, including mango pulp (other than mangoes sliced, dried) attract GST at the 12%. Entry is also being amended to make this amply clear. Raw or fresh mangoes continue to be exempt.
  5. Sewage treated water is exempted from GST and is not the same as purified water provided in S. No. 99 of notification 2/2017-CT(Rate). The word 'purified' is being omitted to make this amply clear.
  6. Nicotine Polarilex Gum attracts a GST rate of 18%.
  7. The condition of 90% fly ash content with respect to fly ash bricks applies only to fly ash aggregate, and not fly ash bricks. As a simplification measure, the condition of 90% content is being omitted.

E2 .Clarification in relation to GST rate on Services 

1. Due to ambiguity in GST rates on supply of ice-cream by ice-cream parlours, GST charged @ 5% without ITC on the same during the period 1.07.2017 to 5.10.2021 shall be regularized to avoid unnecessary litigation.

2. Application fee charged for entrance or for issuance of eligibility certificate for admission or issuance of migration certificate by universities is exempt from GST.

3.  Ginned or baled fibre is covered in entry 24B of notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 in the category of raw vegetable fibres. The exemption under this entry is being rationalized

4. Services associated with transit cargo both to and from Nepal and Bhutan are covered by exemption under entry 9B of notification No. 12/2017-CT(R) dated 28.06.2017.

5. Activity of selling of space for advertisement in souvenirs published in the form of books is eligible for concessional GST at 5%.

7. Renting of vehicle with operator for transportation of goods on time basis is classifiable under Heading 9966 (rental services of transport vehicles with operators) and attracts GST at 18%.GST on such renting where cost of fuel is included in the consideration charged is being prescribed at 12%.

8. Allowing choice of location of a plot is part of supply of long term lease of plot of land. Therefore, location charge or preferential location charges (PLC) are part of consideration charged for long term lease of land and shall get the same treatment under GST.

9. Services provided by the guest anchors to TV channels in lieu of honorarium attract GST.

10. Additional fee collected in the form of higher toll charges from vehicles not having Fastag is essentially payment of toll for allowing access to roads or bridges to such vehicles and shall be given the same tax treatment as given to toll charges.

11. Services in form of Assisted Reproductive Technology (ART)/ In vitro fertilization (IVF) are covered under the definition of health care services for the purpose of exemption under GST.

12. Sale of land after leveling, laying down of drainage lines etc. is sale of land and does not attract GST.

13. Renting of motor vehicles for transport of passengers to a body corporate for a period (time) is taxable in the hands of body corporate under RCM.

14. The expression ‘public transport’ used in the exemption entry at SI No. 17(d) of notification No. 12/2017-CT(R), which exempts transport of passengers by public transport other than predominantly for tourism purpose, in a vessel between places located in India, means that such transport should be open to public for point to point transport [e.g. such transport in Andaman and Nicobar islands].

Other miscellaneous changes 

1. All taxable service of Department of Posts would be subject to forward charge. Hitherto certain taxable services of Department of post were taxed on reverse charge basis.

2. Goods transport agency (GTA) is being given option to pay GST at 5% or 12% under forward charge; option to be exercised at the beginning of Financial Year. RCM option to continue.

3.  Service provided by Indian Tour operator to a foreign resident for a tour partially in India and partially outside India is to be subject to tax proportionate to the tour conducted in India for such foreign tourist subject to conditions that this concession does not exceed half of tour duration.

The rate changes recommended by the 47th GST Council will be made effective from 18th July, 2022.

II. Further, the GST Council has inter-alia made the following recommendations relating to GST law and procedure:

 A.Measures for Trade facilitation: 

  1. In-principal approval for relaxation in the provisions for suppliers making supplies through E-Commerce Operators (ECOs)

 

  1. Waiver of requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions, such as-
    1.  the aggregate turnover on all India basis does not exceed the turnover specified under sub-section (1) of section 22 of the CGST Act and notifications issued thereunder.
    2.  the person is not making any inter-State taxable supply
  1. Composition taxpayers would be allowed to make intra-State supply through e-commerce operators subject to certain conditions.

 The details of the scheme will be worked out by the Law Committee of the Council. The scheme would be tentatively implemented with effect from 01.01.2023, subject to preparedness on the portal as well as by ECOs.

  1. Amendment in formula prescribed in sub-rule (5) of rule 89 of CGST Rules, 2017 for calculation of refund of unutilized Input Tax Credit on account of inverted rated structure
  1. Change in formula for calculation of refund under rule 89(5) to take into account utilization of ITC on account of inputs and input services for payment of output tax on inverted rated supplies in the same ratio in which ITC has been availed on inputs and input services during the said tax period. This would help those taxpayers who are availing ITC on input services also.
  1. Amendment in CGST Rules for handling of pending IGST refund claims: In some cases where the exporter is identified as risky exporter requiring verification by GST officers, or where there is a violation of provisions of Customs Act, the refund claims in respect of export of goods are suspended/withheld.

Amendment in rule 96 of the CGST Rules has been recommended to provide for transmission of such IGST refund claims on the portal in a system generated FORM GST RFD-01 to the jurisdictional GST authorities for processing. This would result in expeditious disposal of such IGST refund claims, after due verification by GST officers, thus benefitting such exporters.

  1. Re-credit of amount in electronic credit ledger to be provided in those cases where erroneous refund amount sanctioned to a taxpayer on account of accumulated ITC or on account of IGST paid on zero rated supply of goods or services, in contravention of rule 96(10) of the CGST Rules, is deposited by him along with interest and penalty, wherever applicable. A new FORM GST PMT-03Ais introduced for the same.

This will enable the taxpayers to get re-credit of the amount of erroneous refund, paid back by them, in their electronic credit ledger.

  1. Clause (c) of section 110 and section 111 of the Finance Act, 2022 to be notified by Central Government at the earliest. These provisions relate to-
  1. retrospective amendment in section 50(3) of CGST Act, with effect from 01.07.2017,to provide that interest will be payable on the wrongly availed ITC only when the same is utilized;
  2. amendment in sub-section (10) of section 49 of CGST Act to provide for transfer of balance in electronic cash ledger of a registered person to electronic cash ledger of CGST and IGST of a distinct person.

 The rules providing for the manner of calculation of interest under section 50 of CGST Act have also been recommended for more clarity. This will remove ambiguities regarding manner of calculation of interest and will also provide for transfer of balance in CGST and IGST cash ledgers between distinct persons, thereby improving liquidity and cash flows of such taxpayers. 

  1. Waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST CMP-08 for Q1 of FY 2022-23:
  1. To extend the waiver of late fee under section 47 for delay in filing FORM GSTR-4 for FY 2021-22 by approximately four more weeks, i.e. till 28.07.2022 (The existing waiver is for the period from 01.05.2022 till 30.06.2022)
  2. To extend the due date of filing of FORM GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022.

GSTN has also been asked to expeditiously resolve the issue of negative balance in Electronic Cash Ledger being faced by some of the composition taxpayers. 

  1. Present exemption of IGST on import of goods under AA/EPCG/EOU scheme to be continued and E-wallet scheme not to be pursued further. 
  2. Issuance of the following circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:
  3. Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification.
  4. Clarification on various issues relating to applicability of demand and penalty provisions under the CGST Act in respect of transactions involving fake invoices.
  5. Clarification on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B.
  6. Clarification in respect of certain GST related issues:
    1. Clarification on the issues pertaining to refund claimed by the recipients of supplies regarded as deemed export;
    2. Clarification on various issues relating to interpretation of section 17(5) of the CGST Act;
    3. Clarification on the issue of perquisites provided by employer to the employees as per contractual agreement;
    4. Clarification on utilization of the amounts available in the electronic credit ledger and the electronic cash ledger for payment of tax and other liabilities. 
  7. Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22 to be provided to taxpayers having AATO upto Rs. 2 crores. 
  8. Explanation 1 after rule 43 of CGST Rules to be amended to provide that there is no requirement of reversal of input tax credit for exempted supply of Duty Credit Scrips by the exporters. 
  9. UPI & IMPS to be provided as an additional mode for payment of Goods and Services Tax to taxpayers under Rule 87(3) of CGST Rules. 
  10. In respect of refunds pertaining to supplies to SEZ Developer/Unit, an Explanation to be inserted in sub-rule (1) of rule 89 of CGST Rules to clarify that “specified officer” under the said sub-rule shall mean the “specified officer” or “authorized officer”, as defined under SEZ Rules, 2006. 
  11. Amendment in CGST Rules to provide for refund of unutilized Input Tax Credit on account of Export of Electricity. This would facilitate the exporters of electricity in claiming refund of utilized ITC on zero rated supplies. 
  12. Supplies from Duty Free Shops (DFS) at international terminal to outgoing international passengers to be treated as exports by DFS and consequential refund benefit to be available to them on such supplies. Rule 95A of the CGST Rules, Circular No. 106/25/2019-GST dated 29.06.2019 and related notifications to be rescinded accordingly. 

B. Measures for streamlining compliances in GST 

  1. Provision for automatic revocation of suspension of registration in cases where suspension of registration was done by the system under Rule 21A(2A) of CGST Rules, for non-compliance in terms of clause (b) or clause (c) of sub-section (2) of section 29[continuous non-filing of specified number of returns], once all the pending returns are filed on the portal by the taxpayer. (Amendment in rule 21A) 
  2. Proposal for comprehensive changes in FORM GSTR-3B to be placed in public domain for seeking inputs/suggestions of the stakeholders. 
  3. Time period from 01.03.2020 to 28.02.2022 to be excluded from calculation of the limitation period for filing refund claim by an applicant under section 54 and 55 of CGST Act, as well as for issuance of demand/ order (by proper officer) in respect of erroneous refunds under section 73 of CGST Act. Further, limitation under section 73 for FY 2017-18 for issuance of order in respect of other demands linked with due date of annual return, to be extended till 30th September, 2023. 

C. The Council has decided to constitute a Group of Ministers to address various concerns raised by the States in relation to constitution of GST Appellate Tribunal and make recommendations for appropriate amendments in CGST Act. 

D. The GST Council approved ad-hoc apportionment of IGST to the extent of Rs. 27,000 crores and release of 50% of this amount, i.e. Rs. 13,500 crore to the States. 

E.   The GoM on IT Reforms, inter alia, recommended that the GSTN should put in place the AI/ML based mechanism to verify the antecedents of the registration applicants and an improved risk-based monitoring of their behavior post registration so that non-compliant tax payers could be identified in their infancy and appropriate action be taken so as to minimize risk to exchequer. 

Note: The recommendations of the GST Council have been presented in this release containing major item of decisions in simple language for information of all stakeholders. The same would be given effect through relevant Circulars/ Notifications/ Law amendments which alone shall have the force of law. 

Topics

Acts Income Tax