50th GST Council meeting was held on 11th July 2023 at Vigyan Bhawan, New Delhi. It marks the completion of 50 Council meetings since the inception of GST. Union FM Nirmala Sitharaman led the 50th GST Council meeting in the presence of ministers representating their states and Union Territories.
Highlights of the 50th GST Council Meeting
The 50th GST Council meeting covered three important matters under the GST law. There were rate decisions taken on goods and services, as well as clarifications issued and rate regularisations undertaken. Secondly, the recommendations of various GoMs were discussed.
Relaxations To Taxpayers
1. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns and revocation of cancellation of registration, is now extended till 31.08.2023
2. No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company
3. Transporters will not be required to file declaration for paying GST under forward charge every year 4. The special procedure regarding mismatch in ITC availed in GSTR-3B and 2A is now extended for two more years i.e 2019-20 and 2020-21.
4. The special procedure regarding mismatch in ITC availed in GSTR-3B and 2A is now extended for two more years i.e 2019-20 and 2020-21.
5. The Relaxations that were provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C is to be continued for FY 2022-23 as well
6. No GSTR-9 for turnover upto 2 crores Changes In Rates
7. Supply of food and beverages in cinema halls is taxable at 5%. But, the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply.
8. 28% GST on the value of the chips purchased in casinos
9. 28% GST on the full value of the bets placed in Online Gaming
10. Tax rate for Zari thread or yarn known by any name in trade parlance has been reduced to 5% from 12%
11. GST rate on LD slag has been reduced from 18% to 5% to encourage better utilisation of this product and for protection of environment.