55th GST Council Meeting: Key Recommendations

Arjuna (Fictional Character):
Krishna, naye saal ke swagat ki tayyari ke saath, suna hai ki 21 December 2024 ko hui 55th GST Council Meeting ne naye recommendations diye hain. Kya aap in par roshni daalenge?

Krishna (Fictional Character):
Arjuna, jese naye saal naye shuruaat ka pratik hai, waise hi 55th GST Council Meeting ne taxpayers aur businesses ke liye naye badlav laaye hain. Ye recommendations rates, compliance, aur GST Act ke changes ko lekar hain. Chalo, main tumhe iske important points samjhata hoon.

1. GST Rates ke Changes (Goods ke liye):

1. Fortified Rice Kernel (FRK) ka GST rate 18% se ghata kar 5% kar diya gaya hai.

2. Gene Therapy ko GST se completely exempt kiya gaya hai.

3. Used Vehicles (including EVs) par GST rate 12% se badhakar 18% ho gaya hai, lekin yeh sirf supplier ke margin par lagega.

4. AAC Blocks (50% fly ash content) par GST rate ab 12% lagega (pehle sirf 90% fly ash content wale blocks par 12% tha).

5. Green/Dried Pepper aur Raisins jo agriculturists supply karte hain, unhe GST se exempt kiya gaya hai.

6. Popcorn:

   • Salt aur spices wale popcorn (non-prepackaged aur non-labelled) par 5% GST lagega, aur agar pre-packaged aur labelled hai to 12% lagega.

   • Sugar popcorn (caramel popcorn) par 18% GST lagega.

2. Services ke Changes:

1. Sponsorship Services ko ab Reverse Charge ke jagah Forward Charge me laaya gaya hai.

2. Composition Scheme wale taxpayers ke liye unregistered dealers se rented property par GST nahi lagega.

3. RBI-regulated Payment Aggregators ko GST se exempt kiya gaya hai.

4. Banks aur NBFCs ke penal charges (loan terms ke violation par) par bhi GST nahi lagega.

5. Hotel Accommodations:

   • Ab declared tariff ke jagah actual value of supply par GST lagega.

   • ₹7,500 se upar ke accommodation par restaurant services par 18% GST lagega (with ITC). ₹7,500 se neeche par 5% lagega (without ITC).

3. Pre-packaged aur Labelled Goods ki Definition:

Ab 25 kg ya 25 liters tak ke pre-packaged items retail sale me is category me include honge.

4. New Clause (aa) under Schedule III:

SEZs aur FTWZs me rakhi goods jo export ya DTA clearance se pehle kisi ko di gayi ho, use supply nahi maana jayega.

5. Vouchers ki Taxability:

• Voucher supply ko na goods maana jayega, na services.

• Voucher distribution par commission GST attract karega.

• Unredeemed vouchers par GST nahi lagega.

6. Late Fee Waiver for GSTR-9C:

2017-18 se 2022-23 tak ke late filings ke liye late fee waive kiya gaya hai, bas GSTR-9C 31 March 2025 tak file karna hoga.

7. GST Act ke Amendments:

1. "Plant or machinery" ko replace karke "plant and machinery" retrospectively 1 July 2017 se laagu kiya jayega.

2. Appeal cases (penalty disputes) ke liye pre-deposit requirement 25% se ghata kar 10% kar di gayi hai.

Arjuna:
Krishna, taxpayers ke liye is meeting se kya sikh milti hai?

Krishna:
Arjuna, yeh recommendations compliance ko simple aur adapt karne layak banate hain. Jaise naye saal naye umeed aur sudhar laata hai, waise hi yeh GST recommendations bhi growth ka roadmap hain. Awareness aur timely action ke saath taxpayers 2025 ka swagat confidence aur clarity ke saath kar sakte hain.

Disclaimer:

The information provided in this article is for general informational purposes only and does not constitute professional tax, legal, or financial advice. While efforts have been made to ensure the accuracy and completeness of the content, tax laws and regulations are subject to frequent changes and interpretations, including judicial rulings and amendments.

Readers are advised to consult with a qualified tax advisor, legal professional, or chartered accountant to understand the specific implications of the discussed provisions in their unique circumstances. The applicability of the Safari Retreats judgment and the recent GST amendment to individual cases may vary based on specific facts and legal interpretations.

The author and publisher disclaim any liability for any decisions or actions taken based on the information provided herein.

For further guidance or personalized consultation, please contact a certified tax professional.