The 54th GST Council meeting is set to take place on September 9, 2024, as announced by the government on Tuesday. This upcoming session follows the 53rd GST Council meeting held on June 22, 2024, chaired by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman.
Key Recommendations:
- Amendment to Section 112 of the CGST Act, 2017: The GST Council has proposed changes to extend the three-month period for filing appeals before the appellate tribunal. This extension would apply from a date to be notified by the Government concerning appeal or revision orders issued before the notification date.
- Sunset Date for Anti-Profiteering Applications: The Council has recommended setting April 1, 2025, as the deadline for receiving any new applications related to anti-profiteering.
GST Collections Update:
- July GST Collections: GST collections for July 2024 saw a 10.3% increase, totaling over ₹1.82 lakh crore. This represents the third-highest monthly collection since the GST was introduced on July 1, 2017.
- Refunds and Net Collections: Refunds amounted to ₹16,283 crore in July. After accounting for these refunds, the net GST collection stood at over ₹1.66 lakh crore, reflecting a 14.4% growth.
- Breakdown of Gross GST Revenue: The Gross GST revenue reached ₹1,82,075 crore, including:
- Central GST: ₹32,386 crore
- State GST: ₹40,289 crore
- Integrated GST: ₹96,447 crore
- Compensation Cess: ₹12,953 crore
The 53rd GST Council meeting had previously approved an amendment to the law, inserting a new Section 11A in the Central GST Act. This amendment grants the government the authority to regularize cases of non-levy or short levy of GST due to common trade practices.
