47th GST Council Meeting will be held on 28th and 29th June 2022 at Chandigarh. Earlier the meeting was to be conducted at Srinagar but due to security concerns, it was shifted to Chandigarh. The last i.e. 46th GST Council Meeting was held almost 6 months before on 31st December 2021. (Key takeaways of 46th GST Council Meeting)
Major GST updates that one must know
- The due date of GSTR 4 was extended to 30th June 2022, as many composition taxpayers could not file the annual return in Form GSTR-4 as they were expected to pay GST liability again for the earlier year due to reflection in a negative liability statement.
- CBIC has issued a detailed circular explaining the procedure for sanction, post-audit, and review of refund claims. Officers are expected to upload a speaking order along with a refund sanction order in Form RFD 06.
The following are likely agenda items for the meeting
- Ease compliance for e-commerce suppliers. It is possible e-commerce suppliers will be allowed to register as composition taxpayers.
- It is likely that amendments may be allowed in Form GSTR 3B and more details may auto-populate which may ease the compliance.
- To plug the revenue leakage, the GST council may empower both the States as well as the Centre to issue show cause notice to taxpayers irrespective of the jurisdiction of the taxpayers.
- A detailed overview will be done on the reports of the National Anti-profiteering Authority.
- It is likely that Council might discuss the compensation cess to States once for the last time as the period of 5 years gets over on 30th June 2022.
- To discuss rate rationalization by merging rates into a higher rate based on GoM’s report.
- To discuss simplification in procedures of registration and return filing.
- To discuss correction in inverted duty structure in textiles.
- To discuss the amendments made in Finance Act and notify the effective date of same.