{"id":275698,"date":"2024-06-23T09:19:14","date_gmt":"2024-06-23T09:19:14","guid":{"rendered":"https:\/\/hamslivenews.com\/?p=275698"},"modified":"2024-06-23T09:19:14","modified_gmt":"2024-06-23T09:19:14","slug":"gst-exemption-granted-to-platform-tickets-and-essential-railway-services","status":"publish","type":"post","link":"https:\/\/www.hamslive.com\/news\/2024\/06\/gst-exemption-granted-to-platform-tickets-and-essential-railway-services\/","title":{"rendered":"GST exemption granted to platform tickets and essential railway services"},"content":{"rendered":"

Finance Minister Nirmala Sitharaman<\/a><\/strong> announced that the next Goods and Services Tax (GST)<\/strong> Council meeting is tentatively scheduled for mid to late August.<\/p>\n

GST Exemptions for Indian Railways and Other Services<\/strong> The GST Council has proposed exemptions for specific services offered by Indian Railways<\/strong>, benefiting the general public and intra-railway transactions. Services such as platform tickets, retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST.<\/strong><\/p>\n

Pending Agenda and Key Decisions
\n<\/strong> This upcoming session aims to address pending agenda items from today\u2019s meeting. Today\u2019s GST Council meeting<\/strong> featured several critical decisions aimed at easing compliance burdens and providing relief to taxpayers.<\/p>\n

Trade Facilitation and Compliance Relief
\n<\/strong> Finance Minister Sitharaman stated, \u201cToday’s GST Council meeting has taken a lot of decisions on trade facilitation, easing compliance burden, and relief to taxpayers in terms of compliance easing out.\u201d Significant measures include waiving interest penalties on demand notices under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This applies to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount by March 31, 2025, will benefit from this waiver.<\/p>\n

Input Tax Credit Extension<\/strong>
\nThe Council approved an extension for availing input tax credit (ITC) on any invoice or debit note. For returns filed up to November 30, 2021, the deadline for ITC claims for fiscal years 2017-18 to 2020-21 is now November 30, 2021.<\/p>\n

Curbing Government Litigation
\n<\/strong> To reduce government litigation, the Council recommended monetary thresholds for filing appeals: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court.<\/p>\n

Support for Small Taxpayers
\n<\/strong> The Council extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years, providing relief to small taxpayers.<\/p>\n

Uniform GST Rates and Exemptions<\/strong><\/p>\n