The 50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
In line with the recommendations put forth by the Group of Ministers (GoM) on Capacity-based Taxation and Special Composition Scheme, which were approved by the GST Council in its 49th meeting, the following recommendations have been made:
- Issuance of a notification under Section 148 of the CGST Act, 2017, outlining a specific procedure to be followed by manufacturers of tobacco, pan masala, and similar items. This procedure will cover aspects such as registration of machines and the filing of special monthly returns.
- Insertion of Section 122A in the CGST Act, 2017, introducing a special penalty for manufacturers who fail to register their machines as required.
- The provisions of Section 123 of the Finance Act, 2021, which amends Section 16 of the IGST Act, will be notified and implemented from 01.10.2023. Additionally, a notification will be issued under Section 16(4) of the IGST Act, 2017, to impose restrictions on the IGST refund route for exports of tobacco, pan masala, similar items, and mentha oil.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1938812