Highlights of the 53rd GST Council meeting held on 22nd June 2024 – reg.

53^rd GST Council meeting which was the first GST Council’s first meeting after the election held on 22^nd June 2024 under the chairpersonship of Union Finance Minister, Smt. Nirmala Sitharaman.

While there were no direct announcements related to the textile sector, there were certain announcements for the facilitation of trade some of which are listed below: 

• Reduction of Government Litigation by Fixing monetary limits for filing appeals under GST: GSTAT: Rs. 20 lakhs, High Court: Rs. 1 crore, Supreme Court: Rs. 2 crores. 

• Amendment in Section 107 and Section 112 of CGST Act for reducing the amount of pre-deposit required to be paid for filing of appeals under GST from Rs. 25 crores CGST and Rs. 25 crores SGST to Rs. 20 crores CGST and Rs. 20 crores SGST. 

• The time for filing appeals in the GST Appellate Tribunal has been revised to the three-month period starting from a date to be notified by the Government in respect of appeal/ revision orders passed before the date of said notification.

• Changes will be allowed in GSTR-1 going forward within the same tax period that allows taxpayers to add/amend particulars of GSTR-1 of the current tax period/IFF for 1st and 2nd month of quarter, that is missed out before filing GSTR-3B.

• Amendment to CGST Rule 88B for not to charge interest on the amount available in the electronic cash ledger on the due date of filing GSTR-3B and is debited while filing the said return in cases of delayed filing of GSTR-3B.

• New Section 128A to waive off interest and penalties for demand notices issued u/s 73 of CGST (applicable for fiscal years 17-18, 18-19 and 19-20) for cases not involving fraud, suppression and misstatement.

• Provision to claim additional IGST Refund due to upward price revisions after exports

• No refund of IGST where export duty is applicable (Sections 16 and 54), applicable to both exports and supplies to SEZ unit/developer with or without payment of tax.

• To exempt Compensation Cess on the imports in SEZ by SEZ Unit/developers for authorized operations w.e.f. 01.07.2017

More details about the above and other announcements can be found at https://pib.gov.in/PressReleasePage.aspx?PRID=2027982

Placed for the necessary information of the members.

Thanking you,

Yours faithfully,

Chandrima Chatterjee

Secretary General