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Key Recommendations of 49th GST Council meeting

49th GST Council meeting, held at vigyan bhawav New Delhi, chaired by Union Finance Minister, Nirmala Sitharaman today on 18th February 2023, Following are the key Recommendations made by GST Council;

-Entire Rs 16,982 crore of GST compensation cess to states for June 2022 to be cleared today

-Decision on GST Appellate Tribunal accepted with change in language. The modification in draft will be circulated in next 5-6 days

-GST Council decides to reduce GST on pencil sharpeners, and certain tracking devices

-Exemption on coal rejects supplied by and to the washeries approved by Council

-GST on a type of liquid jaggery reduced to nil from 18% if its loose. If its pre-packaged and labelled, the tax rate on this will be 5%, nil if it is loose

-GoM report on taxation for pan masala accepted

-GST Council also recommended rationalisation of late fee for delayed filing of annual returns

-No recommendation for fitment committee for SUVs and MUVs

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