The GST council as part of taxpayers friendly decision suggested the exemption of interest and penalty for the matters of tax demand remarked that have been sent u/s 73 of the GST act, Finance Minister Nirmala Sitharaman expressed after the meeting.
Nirmala Sitharaman expressed that in the matter of demand notices issued for 2017-18, 2018-19, and 2019-20, interest and penalty will be exempted, if tax is filed by March 31, 2025.
The GST Council has suggested that the time limit to claim the ITC for any invoice or debit note u/s 16(4) of the CGST Act filed up to 30-11-2021 for the financial years 17-18, 18-19, 19-20, and 20-21 may be deemed to be 2011 to 2021.
FM stated that till now for the identical requisite revision retrospectively w.e.f 1st July 2017.
The GST council, to diminish the tax litigation which is anticipated to provide an advantage for both the assessees and the government, suggested a minimum limit for filing appeals of Rs 20 lakh for the appellate tribunal, Rs 1 crore for the High Court, and Rs 2 crore for the Supreme Court.
The GST council, in another taxpayer-friendly measure, wished to begin Form GSTR 1A to enable taxpayers to add information they have missed when filing Form GSTR 1.
To rectify the mistake that they have incurred at the time of filing their particulars in form GSTR 1, the new form could be undergone.
