The Central Board of Indirect Taxes and Customs ( CBIC ) Chairman Sanjay Kumar Agarwal announced on Wednesday that the decisions made during last month’s Goods and Services Tax ( GST ) Council meeting will be integrated into the upcoming Finance Bill, to be presented alongside the Budget later this month.
Read More: 53rd GST Council Meeting: Know the Decisions in Detail
Speaking at the NACIN-Bhopal’s flagship GST programme, Agarwal highlighted key outcomes from the 53rd GST Council meeting, including proposals for rate rationalisation and issuance of clarifications on certain goods and services.
Agarwal positively signalled that various measures addressing disputes arising from the GST rollout, particularly affecting small businesses, will be included in the Finance Bill to facilitate necessary amendments to the GST law.
The full Budget for the fiscal year 2024-25 is scheduled for presentation in the Lok Sabha later this month, incorporating detailed changes to direct and indirect taxes proposed in the Finance Bill, 2024.
Read More: 53rd GST Council Meeting: Key Highlights
During the 53rd meeting, the GST Council approved amendments to the Central GST Act, introducing provisions such as Section 11A to regularise non-levy or short levy of GST due to common trade practices.
Additionally, changes were recommended to Section 112 of the Goods and Services Tax Act to extend the filing period for appeals before the appellate tribunal, in view of the nascent state of the GSTAT.
In a move aimed at easing compliance, the Council had also decided to waive interest and penalties on demand notices issued under Section 73 of the CGST Act for specific fiscal years, provided full tax payment is made by March 31, 2025.
Furthermore, amendments were proposed to Sections 171 and 109 of the CGST Act, 2017, including a sunset clause for anti-profiteering measures under GST and the assignment of anti-profiteering cases to the principal bench of the GST Appellate Tribunal (GSTAT), with a sunset date set for April 1, 2025, for new applications related to anti-profiteering.
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