The 53rd GST Council meeting brought significant decisions aimed at streamlining tax compliance and reducing litigation.
Let's delve into the key takeaways. To stay updated with the GST compliance, join the *GST Compliance Group* managed by the OZGiAN.
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1. *Waiver of Interest and Penalty:*
The GST Council recommended waiving interest and penalty on tax demand notices issued for the period 2017-2020 under Section 73 of the GST Act. To avail this waiver, assessees must pay the outstanding tax by March 31, 2025.
2. *Biometric Authentication to Combat Fake Invoicing:*
The Council approved the pan-India rollout of Aadhaar-based biometric authentication for assessees. This measure aims to plug the loophole of fake invoicing and enhance transparency in transactions.
3. *Rate Rationalization:*
The Group of Ministers (GoM) on rate rationalization, will present its findings in the next Council meeting. The focus is on ensuring consistent and rational tax rates.
4. *GST on Fertilizers:*
The fitment committee had suggested exempting fertilizers from GST due to an inverted duty structure. The Council has formed a group of ministers to deliberate on this issue and propose a future course of action.
5. *Ease of GST Compliance:*
The Finance Minister assured taxpayers that the government is working to enhance ease of compliance. Contrary to perception, GST notices sent by the Centre constitute less than 2% of the total active taxpayers.
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