GST update

1. Karneeti Part 500 - 500th Karneeti & 50th GST Council Meeting Two
Milestones! - By CA Umesh Sharma
1 message
CA Umesh Sharma <fcaumeshsharma@gmail.com> Mon, 17 Jul, 2023 at 10:31
To: R.B Sharma and Co- Chartered Accountants <rbsharmaandco@gmail.com>
Bcc: karneeti7@googlegroups.com
Dear Professional Colleagues,
Karneeti Part 500
and also read this article by clicking on the link provided.
In Marathi - http://epaper.lokmat.com/articlepage.php?articleid=LOK_AULK_20230717_6_6
In English - http://epaper.lokmat.com/articlepage.php?articleid=LOKTIME_AULT_20230717_7_10
500th Karneeti & 50th GST Council Meeting
Two Milestones!
Arjuna (Fictional Character): Krishna, the last week saw the GST
Council and ISRO achieve their significant milestone. The Council
held its 50th Council meeting and ISRO launched the much-awaited
Chandrayaan-3. What is your opinion on this?
Krishna (Fictional Character): Arjuna, not to forget the
completion of 500 Karneeti. The 10-year-long journey has helped us
in achieving this milestone. The GST Council held its 50th Meeting
on 11th July 23 which was headed by the Union Finance Minister
Smt. Nirmala Sitharaman and which was aimed at streamlining
compliance with GST in the country.
Arjuna (Fictional Character): Krishna, what recommendations the
GST Council has made regarding the supply of goods?
Krishna (Fictional Character): Arjuna, the GST council
recommended the revision of GST Tax rates on Uncooked/Unfried

2. Snack Pellets and Imitation Zari Thread or Yarn to 5% from 18%
and 12% respectively.
Council has decided to clarify that raw cotton, including kala cotton
when supplied by agriculturists to co-operatives, would attract
RCM.
However, issues relating to past periods of all goods above will be
regularized on an “as is basis”.
IGST Exemption will be provided on the import of Dinutuximab
(Quarziba) medicine for personal use.
Arjuna (Fictional Character): Krishna, what do you mean by as
regularized on “as is basis”?
Krishna (Fictional Character): Arjuna, regularizing on an 'as is'
basis simply means, “Purani Bhool Chook Maaf”, i.e., disregarding
all pending issues prior to the notification of the current provision.
Arjuna (Fictional Character): Krishna, what recommendations
the Council has made for supply of services?
Krishna (Fictional Character): Arjuna, the GST Council has
decided to exempt services provided by ISRO, Antrix
Corporation Limited & New Space India Limited (NSIL) by way
of launching satellites. The council has also recommended to
levy tax at the rate 28% on the following events:
1. Purchase of Chips at Casinos.
2. Bets placed with Bookmaker/Totalisator on Horse Racing.
3. Bets placed on Online Gaming Sites.
Supply of food and beverages in Cinema Halls, when supplied
independently of cinema services, would be taxable at the rate

3. of 5%. However, if supplied compositely with Cinema Ticket
would attract 28% GST.
The council has also decided to clarify that supply of services by
director to the company in his personal capacity would not
attract GST at RCM. Moreover, it has been decided that GTAs
would not be required to file declaration for payment of taxes
under forward charge every year.
Arjuna (Fictional Character): Krishna, what recommendations
has the council made for facilitation of trade?
Krishna (Fictional Character): Arjuna, the council in the
meeting, has decided to take the following measures for
facilitation of trade:
1. Issuance of circular, further covering F.Y. 2019-20 and 2020-
21 in the relief already provided to taxpayers for differences in
GSTR 3B and 2A during the period 2017-18 & 2018-19, after
similar verification.
2. Extension of Amnesty Scheme till 31st Aug 2023 for non-filers
of GSTR-4, GSTR 9 & GSTR 10 and revocation of cancellation of
registration.
3. Recommendation of rules for appointment of GST Appellate
Tribunal President and Members.
4. Notification of provisions relating to GST Appellate Tribunal
with effect from 1st Aug 2023.
5. E-Invoicing applicable for supplies made to Government
department/Agencies/Local Authorities.
6. Relaxation provided in F.Y. 2021-22 regarding some tables of
GSTR 9 & 9C to be continued for F.Y. 2022-23.

4. 7. For small taxpayers, exemption from filing Annual Return
for turnover upto Rs. 2 crore to be continued for F.Y. 2022-23.
8. Interest on IGST wrongly availed and uitlized would be
levied after consideration of combined electronic ledger
balances under IGST, CGST & SGST.
Arjuna (Fictional Character): Krishna, what recommendations the
GST Council has made for Streamlining Compliance in GST?
Krishna (Fictional Character): Arjuna, the Council has
recommended amendments to Rule 10A relating to registration so
as to require taxpayers to furnish bank details within 30 days from
the grant of registration or before the filing of GSTR 1/IFF
whichever is earlier.
The Council has also recommended the following measures for
improving discipline among taxpayers:
1. Insertion of Rule 142B & Form GST DRC-01D to provide for
the manner of recovery of taxes and interest, in respect of
unsatisfactory responses to system-generated notices for
differences in GSTR 1 and GSTR 3B.
2. Issuance of system-generated notices for differences in ITC
as per GSTR 3B and GSTR 2A.
3. Issuance of notices for late filers of Annual returns.
Arjuna (Fictional Character): Krishna, what should one learn
from this?
Krishna (Fictional Character): Arjuna, the biggest learning from
the 50th GST Council Meeting and the 500th Karneeti is that the
achievement of significant milestones takes a significant amount of
time, perseverance, patience, and consistency. The 10-year-long

5. road of 500 Karneeti has not been any sort of a roller coaster. The
unwavering support from readers has made this journey a
memorable one. The 500 articles have not only seen significant
changes in the taxation of the country but have always aimed at
assisting the common man to get familiar with these tax evolutions
in a simpler manner. Thank you to the readers for their constant
support and interest, nothing would have been possible without
you. Happy Reading!
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Thanks & Regards.
CA Umesh Sharma
Central Council Member ICAI
R.B. Sharma & Co.
Chartered Accountants
Block Number 7/8, 2nd Floor,
Shangrila Complex, Near Varad Ganesh,
Near Kartiki Hotel, Samarth Nagar,
Chhatrapati Sambhaji Nagar, Maharashtra 431001
*Contact no. 0240 233 2511
*Cell no. 09822079900
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Your Comments are always welcome at fcaumeshsharma@gmail.com.
Enjoy Reading Karneeti Articles at www.karneeti.com
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