GST Council Meeting: Key issues on sunset clause, monetary limits, and sector clarifications

As the GST Council gears up for its meeting on June 22, several major issues are on the agenda that could significantly impact the regulatory landscape for businesses and taxpayers alike. Sources indicate that the Council may introduce a sunset clause for anti-profiteering cases, setting a termination date of April 1, 2025.

This move is seen as a step towards streamlining the adjudication process, especially as the Competition Commission of India (CCI) has struggled with handling these cases due to a lack of expertise. Consequently, anti-profiteering matters might be rerouted to the Principal Bench of the GST Appellate Tribunal (GSTAT) for resolution.

Sources further told CNBCTV18 that the GST Council will likely set monetary limits for cases to be taken up by the GST Appellate Tribunal (GSTAT), High Courts, and the Supreme Court.

The Council may consider approving the Law Committee's proposal to set a monetary limit of Rs. 20 lakh for cases to be handled by the GSTAT, Rs. 1 crore for High Courts, and Rs. 2 crore for the Supreme Court. Additionally, the Council may prepare a database to track the latest status of these cases.

Also Read: GST Council relief likely on pre-deposit for disputes

The Council might introduce a new form, GSTR-1A, intended to facilitate amendments and declaration of additional details to FORM GSTR-01. This new form is expected to enable the locking of FORM GSTR-3B based on the data provided in FORM GSTR-01.

Source : https://www.cnbctv18.com/economy/gst-council-meeting-on-22-june-19430603.htm