Key Takeaways from the 53rd GST Council Meeting – 22 June 2024

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& : Waived for tax demands (April 2017 – March 2020) if paid by 31 March 2025.
: Until 30 November 2021 for ITC related to April 2017 – March 2021.
: INR 20 Lakhs for GST Tribunal, INR 1 Crore for High Court, and INR 2 Crores for Supreme Court.

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– : Can amend before filing GSTR-3B.
– : Reduced TCS from 1% to 0.5%.
No Interest on Late Tax Payments: If paid by due date from Electronic Cash Ledger.
: For Composition Dealers to 30 June.

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: For goods exported with export duty.
: Threshold reduced to INR 1,00,000.

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% : On parts for aircraft MRO services.
% : For items like milk cans, carton boxes, sprinklers, and solar cookers.
: For hostel accommodations and certain railway services.

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: Location of the recipient for FPIs.
: For related parties.

Stay informed and compliant!

To delve into the specifics, please review the information provided in the following link :

https://www.linkedin.com/feed/update/urn:li:activity:7211704072452661249