50th GST Council meeting

Very Important Decisions were taken in the 50th GST Council meeting dated 11th July 2023.

Brief for your quick access:

1. Transporters will not be required to file a declaration for paying GST under forward charge every year.
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. Relief for the taxpayer, Government extended the special procedure regarding the mismatch in ITC availed in GSTR-3B and 2A for two more years i.e. 2019-20 and 2020-21.
4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023.
5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant.
6. To provide for physical verification in high-risk cases even where Aadhaar has been authenticated.
7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B.
8. Supply of food and beverages in cinema halls is taxable at 5%.
9. If the sale of cinema tickets and supply of food and beverages are clubbed together then the GST rate of cinema tickets will apply.
10. 28% GST on the value of the chips purchased in casinos.
11. 28% GST on the full value of the bets placed in Online Gaming.
12. GST Appellate tribunal will be started in a phased manner.
13. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23.
14. No GSTR-9 for turnover up to 2 crores.
15. Input Services Distributor (ISD) mechanism is not mandatory for the distribution of input tax credit of common input services procured from third parties to distinct persons as per the present provisions of GST law. The amendment may be made in GST law to make the ISD mechanism mandatory prospectively.
16. Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during the warranty period.
17. Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B.
18. Only the Name of the state on the tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO.