The 53rd GST Council meeting was held on June 22 under the Chairpersonship of Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in New Delhi.
The Council, among other things, had approved amendment to law to insert a new Section 11A in Central GST Act to give powers to the government to allow regularisation of non-levy or short levy of GST, where tax was being short paid or not paid due to common trade practices.
The GST Council also recommended amending Section 112 of the CGST Act, 2017 to allow the three-month period for filing appeals before the appellate tribunal to start from a date to be notified by the Government in respect of appeal/revision orders passed before the date of said notification. The council has also recommended the sunset date of April 1, 2025 for receipt of any new application regarding anti-profiteering.
GST collections
GST collections for July increased by 10.3% to over Rs 1.82 lakh crore, driven mainly by domestic goods and services transactions, according to data released on Thursday. This is the third-highest monthly collection since the GST was introduced on July 1, 2017.Refunds totaled Rs 16,283 crore in July. After accounting for these refunds, the net GST collection was over Rs 1.66 lakh crore, reflecting a growth of 14.4%.The Gross GST revenue reached Rs 1,82,075 crore, comprising Central GST at Rs 32,386 crore, State GST at Rs 40,289 crore, and Integrated GST at Rs 96,447 crore. The compensation cess collected amounted to Rs 12,953 crore.(More to come)