The GST Council’s 47th meeting was held in Chandigarh on June 28th and 29th, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made recommended to issue circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:
a. Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification.
b. Clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 (“the CGST Act”) in respect of transactions involving fake invoices.
c. Clarification on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B.
d. Clarification in respect of certain GST related issues:
i. Clarification on the issues pertaining to refund claimed by the recipients of supplies regarded as deemed export;
ii. Clarification on various issues relating to interpretation of Section 17(5) of the CGST Act;
iii. Clarification on the issue of perquisites provided by employer to the employees as per contractual agreement;
iv. Clarification on utilization of the amounts available in the electronic credit ledger and the electronic cash ledger for payment of tax and other liabilities.
The Press release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1838020
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