The 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 representing their states and Union Territories.
Some important decisions were taken at the meeting which are as follows:
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 immovable property to the company
3. Relief for the taxpayer, as the Government has extended the particular procedure regarding 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 availability 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 GST rate of cinema tickets will apply
10. 28% GST on the value of the chips purchased in casinos
11. 28% GST on the total 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 upto 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. An amendment may be made in GST law to make 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
