The GST council issued recommendations at its 49th meeting regarding GST compensation, the gst appellate tribunal, the gom report on capacity-based taxation and special composition scheme for certain commodities, GST rates, and additional trade facilitation measures.
On February 18, 2023, in New Delhi, the GST Council’s 49th meeting was presided over by Smt. Nirmala Sitharaman, Union Finance & Corporate Affairs Minister. Additionally present at the meeting were top officials from the Ministry of Finance and the States/UTs, as well as Shri Pankaj Chaudhary, Union Minister of State for Finance.
49th GST Council Meeting Updates
- Currently, a late fee of Rs 200 per day (Rs 100 CGST + Rs 100 SGST), up to a maximum of 0.5% of the turnover in the State or UT (0.25% CGST + 0.25% SGST), is payable in case of delayed submission of an annual return.
- Annually filed GSTR-9 form return. The Council proposed the following rationalisation of the late charge for the delayed filing of annual returns in form GSTR-9 for FY 2022–23 and thereafter, for registered individuals with aggregate yearly revenue up to Rs 20 crore:
- A maximum of Rs 50 per day (Rs 25 CGST + Rs 25 SGST), up to 0.04 percent of his revenue in the State or Union territory (0.02% CGST + 0.02% SGST), is charged to registered people with an aggregate turnover of up to Rs 5 crores in the relevant financial year.
- A maximum of Rs. 100 per day (Rs. 50 CGST + Rs. 50 SGST) is allowed for registered persons with an aggregate annual turnover of more than Rs. 5 crores and up to Rs. 20 crores in the relevant financial year, subject to a maximum calculated at 0.04 percent of his annual turnover in the State or Union territory (0.02% CGST + 0.02% SGST).
- Amnesty in relation to outstanding returns in Forms GSTR-4, GSTR-9, and GSTR-10: In order to offer assistance to many taxpayers, the Council suggested amnesty programmes in relation to pending forms GSTR-4, GSTR-9, and GSTR-10 returns by way of a conditional waiver or reduction of the late charge.
