https://www.taxtmi.com/highlights?id=78750 The GST Council in its 53rd meeting held on 22-06-2024 made significant recommendations. Key highlights include waiving interest and penalties u/s 73 of the CGST Act for FY 2017-2020 if full tax is paid by 31.03.2025. The input tax credit time limit u/s 16(4) for FY 2017-2021 is deemed to be 30.11.2021. Monetary limits for appeals are set: Rs. 20 lakh for GSTAT, Rs. 1 crore for High Court, and Rs. 2 crore for Supreme Court. Pre-deposit amounts for appeals are reduced. Interest u/s 50 will not be levied on delayed returns if the amount is available in the Electronic Cash Ledger. Exemptions and rate changes for specific goods and services were recommended. Biometric-based Aadhaar authentication for registration applicants will be rolled out. Amendments in various sections of CGST Act and IGST Act were proposed to streamline processes and reduce litigation. en-us Sun, 23 Jun 2024 02:35:33 +0530 Sun, 23 Jun 2024 02:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78750 The GST Council in its 53rd meeting held on 22-06-2024 made significant recommendations. Key highlights include waiving interest and penalties u/s 73 of the CGST Act for FY 2017-2020 if full tax is paid by 31.03.2025. The input tax credit time limit u/s 16(4) for FY 2017-2021 is deemed to be 30.11.2021. Monetary limits for appeals are set: Rs. 20 lakh for GSTAT, Rs. 1 crore for High Court, and Rs. 2 crore for Supreme Court. Pre-deposit amounts for appeals are reduced. Interest u/s 50 will not be levied on delayed returns if the amount is available in the Electronic Cash Ledger. Exemptions and rate changes for specific goods and services were recommended. Biometric-based Aadhaar authentication for registration applicants will be rolled out. Amendments in various sections of CGST Act and IGST Act were proposed to streamline processes and reduce litigation. Highlights GST Sun, 23 Jun 2024 02:35:33 +0530 https://www.taxtmi.com/highlights?id=78750