Key Takeaways from the 53rd GST Council Meeting held on June 22, 2024

The 53rd GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced several significant decisions aimed at refining the Goods and Services Tax (GST) framework in India.

·       Monetary Thresholds for Appeals

The Council revised pre-deposit requirements for appeals filed before the Goods and Services Tax Appellate Tribunal (GSTAT). Taxpayers with cases below ₹20 lakhs will now face no pre-deposit, while those exceeding ₹1 crore will need to pre-deposit the amount before the high court and ₹2 crore for the Supreme Court for filing appeals by the department.

·       Faster Dispute Resolution

To expedite the resolution process, the Council mandated a notification setting a 3-month window for filing appeals before the GSTAT. Interest and Penalty Relief The Council announced a potential waiver of interest and penalties levied on tax demand notices issued under Section 73 of the GST Act between FY 2017-18 and FY 2019-20.

·       Interest and Penalty Relief

The Council announced a potential waiver of interest and penalties levied on tax demand notices issued under Section 73 of the GST Act between FY 2017-18 and FY 2019-20.

·       Aadhaar-based Registration

The Council approved a pan-India rollout of biometrically authorised Aadhaar registration for GST registration, enhancing security and streamlining the process.