24.06.2022: GST Council Meet likely to ease compliance for taxpayers & rate change on 14 items

The GST Council, scheduled to meet next week in Chandigarh, is likely to discuss a slew of changes, including a change in the goods and services tax rate (GST) for a host of items, to ease compliance for taxpayers, sources claimed.

The GST Council is likely to waive the requirement for filing refund claims by condoning the two-year period between March 1, 2020, and February 28, 2022, in view of the disruption caused by the COVID-19 pandemic. It might also permit tax authorities to file appeals against erroneous refunds by not considering the two-year COVID period, sources in the know of the development shared with CNBCTV18.

Further, the GST Council is likely to extend the timeline for filing GSTR 4 for FY22 without late fees by composition dealers to July 28 from the earlier deadline of June 30, 2022. Also, it is likely to extend the due date of filing of FORM GST CMP-08 for composition taxpayers for the first quarter of FY23 from July 18 to July 30, 2022.

It might also clarify on issue of refund of accumulated input tax credit to duty-free shops at international airports, sources who did not wish to be named added. In 2020, the Kerala High Court allowed a refund of the accumulated input tax credit.

The Council's Fitment Committee, which comprises revenue officials of both Centre and States, has recommended a rate change on 14 goods. However, it rejected rate change on 113 goods, deferred on two goods, and recommended rate change on 22 services, sources read out the recommendations to CNBC-TV18.

The 47th GST Council is also expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming.

The GST Council was earlier scheduled to meet in Srinagar but the venue was changed after some security issues came up.

Source: CNBC TV18

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