Amendments proposed in 31st GST Council Meet

In-Prin­ci­ple approval giv­en for Law Amend­ments dur­ing 31st Meeting of the GST Council

The GST Coun­cil in its 31st meet­ing held today at New Del­hi gave in prin­ci­ple approval to the fol­low­ing amend­ments in the GST Acts:

1. Cre­ation of a Cen­tralised Appel­late Author­i­ty for Advance Rul­ing (AAAR) to deal with­cas­es of con­flict­ing deci­sions by two or more State Appel­late Advance Rul­ing Author­i­ties on the same issue.
2. Amend­ment of sec­tion 50 of the CGST Act to pro­vide that inter­est should be charged only on the net tax lia­bil­i­ty of the tax­pay­er, after tak­ing into account the admis­si­ble input tax cred­it, e. inter­est would be levi­able only on the amount payable through the elec­tron­ic cash ledger.

The  above  rec­om­men­da­tions  of  the  Coun­cil  will  be  made  effec­tive  only  after  the nec­es­sary amend­ments in the GST Acts are car­ried out.