GST Council Waives Penalties for 2017-2020; Sets Appeal Limits, Adjusts Rates, and Streamlines Processes.
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GST
The GST Council in its 53rd meeting held on 22-06-2024 made significant recommendations. Key highlights include waiving interest and penalties u/s 73 of the CGST Act for FY 2017-2020 if full tax is paid by 31.03.2025. The input tax credit time limit u/s 16(4) for FY 2017-2021 is deemed to be 30.11.2021. Monetary limits for appeals are set: Rs. 20 lakh for GSTAT, Rs. 1 crore
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