GST council Decisions dt 11-July-2023

Monthly Archives: July 2023

GST council Decisions dt 11-July-2023

Very Imp Decisions taken in 50th GST council meeting today. 11-7-2023

Brief given below

1. Transporters will not be required to file declaration for paying GST under forward charge every year

MLG Comment = Yes, ok for transporters who want to give ITC credit to us. Good step

2. No RCM on services supplied by a director of a company to the company in his private or personal capacity such as supplying services by way of renting of immovable property to the company

MLG Comment = Yes, Good Relief. Good step

3. Relief for taxpayer, Govt extended the special procedure regarding mismatch in ITC availed in GSTR-3B and 2A for two more years i.e 2019-20 and 2020-21

MLG Comment = Yes, Good for all in the Industry

4. Amnesty schemes notified vide notifications dated 31.03.2023 regarding non-filers of FORM GSTR-4, FORM GSTR-9 & FORM GSTR-10 returns, revocation of cancellation of registration extended till 31.08.2023

MLG Comment = Yes, Very Good. Please file immediately, if not yet done. Else your penalties may go into lakhs of Rupees 

5. To do away with the requirement that the physical verification of business premises is to be conducted in the presence of the applicant

MLG Comment = Yes, Good. Especially if u are taking registration in a second state that is not your home state  

6. Relaxations provided in FY 2021-22 in respect of various tables of FORM GSTR-9 and FORM GSTR-9C be continued for FY 2022-23

MLG Comment = Yes, Good. ok. as long it is so, good.  

other points ( lower importance )

7. System-based intimation to the taxpayers in respect of the excess availment of ITC in FORM GSTR-3B vis a vis that made available in FORM GSTR-2B

8. Supply of food and beverages in cinema halls is taxable at 5%

( interesting News for Movie Goers )

9. If the sale of cinema ticket and supply of food and beverages clubbed together then gst rate of cinema ticket will apply

10. 28% GST on the value of the chips purchased in casinos

11. 28% GST on the full value of the bets placed in Online Gaming

12. GST Appellate tribunal will be started in a phased manner

13. To provide for physical verification in high risk cases even where Aadhaar has been authenticated.

14. No GSTR-9 for turnover upto 2 crores

15. Input Services Distributor (ISD) mechanism is not mandatory for distribution of input tax credit of common input services procured from third parties to the distinct persons as per the present provisions of GST law. Amendment may be made in GST law to make ISD mechanism mandatory prospectively

16. Detailed Circular to be issued to provide clarity on liability to reverse input tax credit in cases involving warranty replacement of parts and repair services during warranty period

17. Refund of accumulated input tax credit (ITC) to be restricted to ITC appearing in FORM GSTR-2B

18. Only Name of state on tax invoice, not the name and full address of the recipient, in cases of supply of taxable services by or through an ECO

IT and ITES return – RBI

This is new mandatory return (called SURVEY) for all IT & ITES companies

No Govt fees
but required BY BOTH company and non-companies
provisional figures

pls discuss
in case you have any queries

and file this

Annual Survey on Computer Software & Information Technology Enabled Services Exports (ITES) is conducted by the Reserve Bank on a yearly basis.

The survey collects data from software and ITES/BPO/LLPs exporting companies regarding their computer software and IT enabled services exports as of the end of March of the latest Financial Year. The survey results are used to compile external sector statistics and provide a comprehensive account of the country’s international financial transactions.

Participation in the survey is mandatory for companies engaged in the export of computer software and IT enabled services. The survey schedule can be obtained from the RBI website, and respondents are advised to carefully read the instructions before filling and submitting the survey.

The deadline for submission is July 15th of each year. The survey data should be reported in Indian Rupees (INR) and confidentiality of the company-wise information is ensured. Annual Survey on Computer Software & Information Technology Enabled Services Exports (ITES) (Updated as on June 01, 2023) General Instructions The Reserve Bank conducts the survey on Computer Software & Information Technology Enabled Services (ITES) Exports annually. \

The survey collects information from software and ITES/BPO/LLPs exporting companies on their computer software and IT enabled services exports as at end-March of the latest Financial Year (FY). The survey results are released in the public domain to raise the confidence of the international financial system in the country’s economy besides being used for compilation of related external sector statistics which provide comprehensive account of the country’s international financial transactions and exposures, in a globally comparable statistical framework.


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