50th GST Council Meeting - Decoding the Recommendations
The 50th GST Council Meeting has proved to be a significant milestone in the tumultuous journey of GST. The Press Release issued for summarizing the recommendations suggests that the Council has attempted to tackle several complex and controversial issues that have plagued the industry with uncertainty for the last six years.
Date & Time
18
Jul 2023 | 4:30 PM - 6:00 PM
Some noteworthy recommendations relate to Rate of Compensation Cess applicable to SUVs, Tax implications on warranty replacements by manufacturers, scope of ISD v Cross Charge, GST on Equity Holding in a Subsidiary, GST on services rendered by Directors, procedure for manual filing to appeals, calculation of interest liability in respect of ITC wrongly availed and utilized, refund of accumulated ITC, procedure for recovery of tax on mismatch of GSTR-1 and GSTR-3B, difference in ITC as per GSTR-2A and GSTR-3B etc.
In line with the historical disposition, the recommendations of GST Council appear to strike a careful balance between trade facilitation and streamlining regulatory compliance. While we await the release of the fine print of the law in the public domain to understand the precise scope of the recommendations, it is worthwhile to deliberate upon the plausible impact of these proposed amendments by looking back at the tax positions adopted. This would ensure that organizations are prepared and well-equipped to implement the recommendations which will be brought into force shortly.
Lakshmikumaran & Sridharan Attorneys (LKS) is organizing a webinar on 18 July 2023 (Tuesday), from 4:30 PM to 6:00 PM, for manufacturers, service providers, exporters and importers located in the State of Tamil Nadu, to decode the important recommendations made by the GST Council.
Speakers:
- Sahana Rajkumar, Associate Partner, LKS
- Balaji Sai Krishnan, Principal Associate, LKS
