Key takeaways from 49th GST Council Meeting

The 49th GST Council Meeting was held on February 18, 2023. the following are the key takeaways from the meeting:

• The government of India has decided to clear the entire pending balance GST compensation of ₹16,982 crore for June 2022.
• Approval of the Report of GoM on capacity-based taxation and special composition scheme in certain sectors on GST.
• The time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days.
• Amendment to Section 62 of CGST Act, 2017 to extend timelines under sub-section (2) thereof and one-time amnesty for past cases.
• The council recommended rationalizing the late fee for delayed filing of annual returns in FORM GSTR-9 for FY 2022-23 onwards.
• Courts and tribunals services to be taxed under RCM- Renting of courts/tribunals premises for commercial use will be subject to RCM taxation.
• Amnesty in respect of pending returns in FORM GSTR-4, FORM GSTR-9, and FORM GSTR-10.
• The council recommended rationalizing the provision of a place of supply for services of transportation of goods by deletion of section 13(9) of the IGST Act, 2017.

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