The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today i.e. June 22, 2024.
The Council has recommended amendments in Section 16 of the IGST Act, 2017 i.e. Eligibility and conditions for taking input tax credit, and Section 54 of the CGST Act, 2017 i.e. Refund of tax that the refund in respect of goods, that are subjected to Export Duty, is restricted, irrespective of whether the said goods are exported without payment of taxes or with payment of taxes, and such restrictions should also be applicable if such goods are supplied to an SEZ developer or an SEZ unit for authorized operations.
The Press Release can be accessed at: https://a2z-bucket.s3.ap-south-1.amazonaws.com/PIB2027982.pdf