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Decisions Taken In The 50th GST Council Meeting

 These are the proposals and will be effective only after notifications/issue of circulars

1. Transporters will not be required to file a declaration for paying GST under forward charge every year.

 2. No RCM on services supplied by a director of a company to the company in his private or personal capacity, such as supplying services by way of renting of immovable property to the company

 3. Relief for the taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21

 4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023

 5.To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant

 6.To provide for physical verification in high risk cases even where Aadhaar has been authenticated.

 7.  System-based NOTICE to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B

 8.     Supply of food and beverages in cinema halls is taxable at 5% as restaurant services.

 9.     If the sale of cinema ticket and supply of food and beverages clubbed together then GST rate of cinema ticket will apply i.e 18%

 10.  28% GST on the value of the chips purchased in casinos

 11.  28% GST on the full value of the bets placed in Casino, Horse Racing and Online Gaming

 12.  GST Appellate tribunal will be started in a phased manner

 13.  Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23

 14.  No GSTR-9 for turnover upto 2 crores for FY 22-23

 15.  Input Services Distributor (ISD) mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively

 16.  Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period

 17.  Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B only

 18.  Only Name of state on tax invoice instead of complete address and name in cases of supply of taxable services by or through an ECO

 19. Reduction of GST rate from 18% to 5% on LD Slag (for protection of environment)

 20. Reduction of GST rate from 18% to 5% on fish soluble paste

 21. Reduction of GST rate from 12% to 5% on imitation zari thread

 22. Reduction of GST rate on uncooked/unfried snack pellets  to 5%

 23. In case of new registrations, the detail of bank account is required to be furnished within 30 days of registration or filing of return of outward supplies, whichever is earlier. Otherwise registration will get suspended and will be revoked automatically on updation of bank details.

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