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FM Nirmala Sitharaman approves GST council recommendations

FM Nirmala Sitharaman approves GST council recommendations

 Recommendations of the 57th Meeting of the GST Council

* GST Council recommends removal of arrest provisions under GST

* GST Council recommends raising prosecution threshold from ₹1 crore to ₹5 crore

* GST Council recommends reduction in general penalty from ₹25,000 to ₹10,000

* GST Council recommends wider eligibility for input tax credit and refunds

* GST Council recommends further simplification of registration and compliance processes

* GST Council recommends faster refunds to improve working capital for businesses

* GST Council recommends common standards for GST notices and proceedings

* GST Council recommends measures for smoother movement of goods across states

* GST Council recommends intelligence-based and authorised interception of goods

* GST Council recommends simplified GST registration for small sellers on e-commerce platforms

* GST Council recommends measures to facilitate export of services

* GST Council approves in-principle optional scheme for small consumer-facing businesses with turnover up to ₹5 crore

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