GST NEWS BULLETIN

Various Recommendations of the 43rd GST Council Meeting Notified

The GST council in its 43rd meeting held on 28.05.2021 had made numerous recommendations which have been notified recently. Gist of all such notifications have been mentioned below :

CBIC vide Notification No. 18/2021 & 19/2021 – Central Tax dated 1st June 2021 has provided relaxation in interest rates & waiver of late fees for taxpayers.

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GST Revenue Collections for May 2021

Ministry of Finance has declared the gross GST Revenue details on 5th June 2021 for the month of May 2021. The gross GST revenue collected in the month of May 2021 stood at Rs. 1,02,709 crores.

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Interest Payable on Net Tax Liability Applicable Retrospectively W.e.f. 1st July 2017

CBIC vide Notification No. 16/2021 – Central Tax dated 1st June 2021 has specified that interest liability would be only on the net tax liability after adjusting the ITC. The amendment will be applicable with retrospective effect from 1st July 2017.

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Amendments in GST rates of Goods & Services

CBIC vide Notification No. 01/2021 & 02/2021– Central Tax (Rate) dated 2nd June 2021 has reduced the GST rate for certain goods & services and further allowed utilization of ITC by landowner-promoter in case of Joint Development Agreement (JDA). The said amendments have been summarized below :

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