Important GST Update 52nd GST Council Meeting dated 7th October, 2023

  1. Corporate Guarantee – Corporate Guarantee given by the parent company to a subsidiary company to attract GST @18%. Transaction value shall be Higher of 1% of consideration or actuals. However, No GST on the Personal Guarantee given by Company directors if nothing is paid.
  2. SEZ Supply – Can be done under LUT or on payment of IGST tax.
  3. Appeals and Attachment – Amnesty scheme with the appeal filing time granted until 31st January 2024. Provisional attachment shall be up to one-year only.
  4. No Retro Tax – No retrospective implication for GST on online gaming, betting, etc.
  5. Rates – Zari-5%, Millet flour in powder – Nil (70% composition of millets as unpackaged/lose) and 5% for pre-packaged or labeled,Molasses – 5%, ENA for industrial use – 18%, Job work of Barley-Malt – 5%, ENA for MFG Alcohol – To be kept Outside GST.
  6. Vessels- Foreign-owned Coastal Vessels doing Coastal Runs in India Exempted from IGST to Promote Tourism.
  7. Others –
    a. Public services continue to be exempted. IRCTC services would be under forward charge.
    b. Age limit for president and members has been extended till 70/67 resp. and min age shall be 50 years. Advocate with 10 yrs of relevant exp can be appointed as Judicial member at GSTAT,
    c. ISD changes to be incorporated in the acts and Rules,
    d. DMFT, ECO, Special INR Vostro for Exports and POS changes recommended.
    e. GST on Hostels deferred.

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