India GST Update: Recommendations of GST Council made at the 53rd GST Council Meeting held on June 22, 2024.
This was the first GST Council Meeting of this year. Some of the key recommendations made include –
1) amnesty from payment of interest and penalty,
2) power to the Government to allow regularisation of non-payment of GST due to trade practice,
3) first time allowing amendment of details of outward supply furnished,
4) removal of extended period of limitation for issuance of demand notices, and
5) preparation for rate rationalization.
Source CBV & Associates LLP
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