The GST Council, which is due to meet next week in Chandigarh, is likely to discuss a range of changes, including a change in the Goods and Services Tax (GST) rate for a host of items , in order to facilitate taxpayer compliance, according to sources.
The GST Board may waive the requirement to file refund claims by tolerating the two-year period between March 1, 2020 and February 28, 2022, given the disruptions caused by the COVID-19 pandemic. It could also allow tax authorities to file appeals against erroneous refunds by disregarding the two-year COVID period, sources familiar with the development shared with CNBCTV18.
In addition, the GST Board is likely to extend the GSTR 4 filing deadline for FY22 without late dialing dealer fees until July 28 from the earlier deadline of June 30, 2022. In addition, it is likely to extend the deadline for submitting the FORM. GST CMP-08 for compounding taxpayers for the first quarter of FY23 from July 18 to July 30, 2022.
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It could also clarify the issue of refunding input tax credit accrued at duty-free shops at international airports, added sources who did not wish to be named. In 2020, the Kerala High Court allowed a refund of accrued input tax credit.
The Council’s Adjustment Committee, which includes Central and state tax officials, recommended a rate change on 14 products. However, it rejected the rate change on 113 goods, deferred on two goods and recommended a rate change on 22 services, sources read the recommendations at CNBC-TV18.
The 47th GST Council is also expected to discuss the report of the group of state ministers on rate rationalization as well as the rate of tax on casinos, racetracks and online gambling.
The GST Council was previously scheduled to meet in Srinagar, but the venue was changed after security concerns arose.
First post: STI