Inputs on GST council meeting by CA Niilesh Zaveri Partner, Khandelwal Jain & Co,. Mumbai
Below the Inputs on GST council meeting by CA Niilesh Zaveri Partner, Khandelwal Jain & Co,. Mumbai
57th GST Council: From Rate Reform to Trust Reform
"Where the 56th meeting rationalised rates, the 57th turns to process and trust. Omission of section 69 arrest powers and a rs 5 crore prosecution threshold mark decriminalisation, while a lower general penalty (Rs 25,000 to Rs10,000) and a Rs 10,000 threshold for show cause notices curb litigation. Business Community welcomes prospective refunds of ITC on input services and capital goods, removal of the distinct-person bar on export of services, and intelligence-based interception with Joint Commissioner authorisation.
Yet the proposed validation clause for multi-year notices - held invalid by several courts - sits uneasily with this spirit and will invite constitutional challenge. The reforms recommended will finally be judged by the amendments’ fine print, not the press release."
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