Analysis of Recommendations made in the 49th GST Council Meeting by Taxmann's Research and Advisory
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‣ Necessary amendments related to GST Tribunal to be incorporated in Finance Bill, 2023
‣ No Capacity based levy on commodities like pan masala, gutkha, chewing tobacco
‣ GST Rates on 'Rab' and 'Pencil Sharpners' to be reduced
• Applicable GST rates on 'Rab' is proposed to be reduced from 18% to 5% or Nil
• Applicable GST rates on 'Pencil sharpeners' are proposed to be reduced from 18% to 12%
‣ Exemption from customs duty provided to durable container to be extended to tag tracking device
‣ Extending exemption benefit to coal rejects supplied to a coal washery
‣ Exemption for conducting entrance examination by any authority, board or body set up by Government
‣ RCM to be applied on the services of renting by Courts and Tribunals
‣ Recommendation to increase time limits for revocation of cancellation of GST registration
‣ Increase the time period for filing of return for enabling deemed withdrawal of best judgment assessment order
‣ Rationalisation of late fee for annual return for taxpayers having turnover of upto Rs. 20 Crores from FY 2022-23 onwards
‣ Amnesty by way of waiver/reduction of late fee for pending Form GSTR-4, GSTR-9 and GSTR-10
‣ Rationalisation of provision of a place of supply of services of transportation of goods
Taxmann's Advisory and Research team has analysed these recommendations to provide insights into their implications.
To learn more, read Taxmann's Analysis now.
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About the author
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries and Lawyers. This team works under the guidance and supervision of Editor-In-Chief Mr. Rakesh Bhargava.
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