53rd GST Council Meeting On 22nd June 2024

The meeting was held in New Delhi on June 22nd, 2024, chaired by Finance Minister Nirmala Sitharaman.
Focus: Revisions in the CGST Act for a smoother and more standardized process.


Common Time Limit for Demand Notices/Orders: A uniform time limit will be implemented for issuing demand notices and orders irrespective of fraud, suppression, etc., involved. This simplifies the process for businesses.
Extended Time Limit for Reduced Penalty: The time for availing a reduced penalty by paying the demanded tax and interest has increased from 30 days to 60 days. This provides some relief to businesses.
Show Cause Notice: The issuing authority must now provide a show-cause notice 3 months before the time limit expires. This ensures transparency and allows businesses time to respond.
Maximum Time Limit for Payment Order: The maximum time limit for an order to be issued for tax payment remains 3 years from the annual return filing deadline for the relevant year.

Next Post

The Stanley Lifestyles IPO End on June 25th, 2024.

Tue Jun 25 , 2024
Stanley Lifestyles IPO The IPO details you shared seem to be from an older announcement,likely before June 21st, 2024. The actual IPO took place between June 21st and June 25th, 2024, and the subscription window is now closed. The public offering was reportedly well-received, being fully subscribed on the first […]

You May Like