The GST Council’s 48th meeting was held in Delhi on December 17, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendation as measures for facilitation of trade:
- Paras 7, 8(a) and 8(b) were inserted in Schedule III of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) with effect from February 01, 2019 to keep certain transactions/ activities, such as supplies of goods from a place outside the taxable territory to another place outside the taxable territory, high sea sales and supply of warehoused goods before their home clearance, outside the purview of GST. In order to remove the doubts and ambiguities regarding taxability of such transactions/ activities during the period July 01, 2017 to January 31, 2019, the Council has recommended to make the said paras effective from July 01, 2017. However, no refund of tax paid shall be available in cases where any tax has already been paid in respect of such transactions/ activities during the period July 01, 2017 to January 31, 2019.
- Sub-rule (3) of rule 108 and rule 109 of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”), to be amended to provide clarity on the requirement of submission of certified copy of the order appealed against and the issuance of final acknowledgment by the appellate authority. This would facilitate timely processing of appeals and ease the compliance burden for the appellants
- Rule 109C and FORM GST APL-01/03 W to be inserted in the CGST Rules, to provide the facility for withdrawal of an application of appeal up to certain specified stage. This would help in reducing litigations at the level of appellate authorities.
- Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services.
- Circular to be issued for clarifying the issue of treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016. Rule 161 of the CGST Rules, and FORM GST DRC-25 also to be amended for facilitating the same.
- Sub-rule (3) of rule 12 of the CGST Rules, to be amended to provide for facility to the registered persons, who are required to collect tax at source under section 52 or deduct tax at source under Section 51 of the CGST Act, for cancellation of their registration on their request.
- Circular to be issued for clarifying the issues pertaining to the place of supply of services of transportation of goods in terms of the proviso to sub-section (8) of Section 12 of the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) and availability of input tax credit to the recipient of such supply. It has also been recommended that proviso to sub-section (8) of Section 12 of the IGST Act, may be omitted.
- Issuance of the following circulars in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large:
(a) Procedure for verification of input tax credit in cases involving difference in input tax credit availed in FORM GSTR-3B vis a vis that available as per FORM GSTR-2A during FY 2017-18 and 2018-19.
(b) Clarifying the manner of re-determination of demand in terms of sub-section (2) of section 75 of the CGST Act.
(c) Clarification in respect of applicability of e-invoicing with respect to an entity.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1884399
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