53rd GST Council Meeting was held on 22nd June 2024. GST Council has given various recommendation relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. The most important recommendation, Inter alia, is waiver of interest and penalty on demand raised under section 73 of CGST Act for FY 2017-18 to FY 2019-20 which shall benefit to many taxpayers.
It is important to mention that these are the recommendations given by GST council. These are not yet notified and having no legal force or binding effect. These are to be notified / clarified by government of India. Once notified through gazette notification / clarified through circular shall be legally enforceable.
In this write up, we have summarize the recommendation given by GST council which shall be notified / clarified in phased manner. This may help taxpayers to plan the action beforehand to ensure implementation and compliance in timely and efficient manner so as to ensure the optimum advantage and avoid any non-compliance.
