GST Council Meeting: GST Council extends GSTR-4 submission to June 30 for FY2024-25, FM Sitharaman says

Union Finance Minister Nirmala Sitharaman at the end of the 53rd meeting of the GST Council said the GST Council has decided to extend GSTR-4 submission to June 30 for FY2024-25 onwards. Besides, the Council recommended waiving interest and penalties for demand notices issued under sector 73 of the GST Act.

“The time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021. So for the same requisite amendment retrospectively with effect from 1 July 2017, the council has made a recommendation,” FM Sitharaman said.

Other highlights of the meeting are:

> GST Council recommends insertion of functionality, by a form – GSTR-1A to add particulars of the current tax period in case it was missed in reporting
> To reduce govt litigation, a monetary limit has been recommended of Rs 20 lkh for GST appelete tribuanal: FM Sitharaman
> Council recommends insertion of a functionality, by a form – GSTR-1A to add particulars of current tax period incase it was missed in reporting
> New monetary limits are 20 lakhs for GST appelletes, 1 cr for HC
> A uniform rate of 12% on milk cans (steel, aluminum) has been recommended.

The GST Council meeting was attended by the Union Finance Minister, Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and Odisha; besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting.