GST Updates dated 05.12.2024
Udates
1. Akhilesh Yadav Slams Centre Over Reports of GST Hike:
Samajwadi Party (SP) president Akhilesh Yadav criticized the BJP government for considering a GST hike on several items, claiming it's aimed at increasing corruption rather than revenue.
This comes after reports that the Group of Ministers (GoM) on GST rate rationalization suggested increasing the tax rate on sin goods to 35% from the current 28%.
2. GST Dept Amends Circular No. 239/33/2024 Regarding the Adjudication of DGGI Cases by Officers:
The Central Board of Indirect Taxes and Customs (CBIC) issued a circular amending the provisions for adjudicating show-cause notices issued by the Directorate General of Goods and Services Tax Intelligence (DGGI).
Additional Commissioners and Joint Commissioners of Central Tax from certain Commissionerates with All India Jurisdiction will now have authority to handle these adjudications.
3. GST Rate Rationalization: Experts Suggest Shift to Three-Tier Structure to Simplify Compliance:
Ahead of the 55th GST Council meeting on December 21, experts are advocating for a simplified GST system with a three-tier structure to reduce complexity and enhance transparency for businesses and consumers.
This would involve rationalizing GST rates and potentially introducing a new slab of 35% for sin goods.
Other Important GST News:
Extension of e-Invoice Reporting Deadline: The time limit for reporting e-invoices on IRP portals for taxpayers with an annual turnover of Rs. 10 crore and above has been extended to April 1, 2025.
Introduction of DRC-03A: A new form, DRC-03A, has been introduced on the GST portal for taxpayers to adjust the amount paid through the Deposit Challan