19 Recommendations of 48th Meeting of GST Council

1. The 48th Meeting of the GST Council was held on December 22, 2021. The council made several recommendations, including the following:

2. The deadline for filing GSTR-3B for the month of November 2021 has been extended to January 31, 2022, without any late fee, for taxpayers having a turnover of up to Rs. 5 crore.

3. The deadline for filing GSTR-3B for the month of December 2021 has been extended to February 22, 2022, without any late fee, for taxpayers having a turnover of up to Rs. 5 crore.

4. GST rates have been reduced from 12% to 5% for COVID-19 testing kits and from 12% to 5% for pulse oximeters.

5. The GST rates on certain goods such as biodiesel, electric vehicles, and their chargers have been reduced.

6. The exemption from GST on import of Amphotericin B for the treatment of Mucormycosis has been extended until December 31, 2022.

7. The GST rates on certain services such as restaurants, outdoor catering, and job work for the textiles sector have been revised.

8. E-invoicing will be mandatory for taxpayers having a turnover of over Rs. 50 crore from April 1, 2022.

9. The GST council has approved the proposal to introduce e-filing of refund applications by taxpayers from January 1, 2022.

10. The validity of e-way bills has been extended to 15 days for goods transported by non-motorized conveyances.

11. The GST council has approved the proposal to introduce an auto-populated GSTR-3B return form from April 1, 2022.

12. Late fee has been waived off for taxpayers who have not filed GSTR-1 for the months of July to September 2021 by December 31, 2021.

13. The GST council has approved the proposal to introduce a new return filing system for taxpayers from April 1, 2022.

14. The last date for opting for composition scheme for FY 2021-22 has been extended to January 31, 2022.

15. The GST council has approved the proposal to exempt certain specified services provided by the National Financial Switch (NFS) from GST.

16. The GST rates on certain goods such as textiles, footwear, and leather products have been revised.

17. The GST council has approved the proposal to introduce an annual return for composition taxpayers from April 1, 2022.

18. The GST council has approved the proposal to introduce a new payment system for taxpayers from April 1, 2022.

19. The GST council has approved the proposal to simplify the GST registration process for taxpayers.

20. The GST council has approved the proposal to introduce a new system for furnishing of NIL returns by taxpayers from April 1, 2022.

These are some of the key recommendations made by the GST Council at its 48th Meeting held on December 22, 2021.

Measures for facilitation of trade in relation to 19 Recommendations of 48th Meeting of GST Council

The 48th Meeting of the GST Council held on December 22, 2021, made several recommendations to facilitate trade and ease the compliance burden for taxpayers. Some of the measures for facilitation of trade in relation to these recommendations are as follows:

1. E-invoicing: The GST council has made e-invoicing mandatory for taxpayers having a turnover of over Rs. 50 crore from April 1, 2022. This will help in the automation of the invoice generation process, reduce errors, and improve compliance.

2. Auto-populated GSTR-3B return form: The GST council has approved the proposal to introduce an auto-populated GSTR-3B return form from April 1, 2022. This will help taxpayers save time and effort in preparing their returns, and reduce the chances of errors.

3. New return filing system: The GST council has approved the proposal to introduce a new return filing system for taxpayers from April 1, 2022. The new system is expected to be simpler and more user-friendly, and will help taxpayers in filing their returns more easily and quickly.

4. Simplified GST registration process: The GST council has approved the proposal to simplify the GST registration process for taxpayers. The new process is expected to be more streamlined and hassle-free, making it easier for new taxpayers to register for GST.

5. New system for furnishing of NIL returns: The GST council has approved the proposal to introduce a new system for furnishing of NIL returns by taxpayers from April 1, 2022. This will help taxpayers in filing their returns quickly and easily, and reduce the compliance burden.

6. Annual return for composition taxpayers: The GST council has approved the proposal to introduce an annual return for composition taxpayers from April 1, 2022. This will help composition taxpayers in fulfilling their compliance requirements more easily.

7. New payment system: The GST council has approved the proposal to introduce a new payment system for taxpayers from April 1, 2022. The new system is expected to be more user-friendly and efficient, and will make it easier for taxpayers to pay their GST dues.

These measures are expected to help in the facilitation of trade and improve the ease of doing business for taxpayers. By simplifying compliance procedures and reducing the compliance burden, the GST council aims to promote compliance and increase revenue collection, while also making it easier for taxpayers to comply with the GST law.