Major GST Council Decisions to be Incorporated into Finance Bill 2024

CBIC Chairman Sanjay Kumar Agarwal announced that key decisions from the last GST Council meeting, including an amnesty scheme and a sunset date for profiteering complaints, will be included in the upcoming Finance Bill. The changes aim to streamline GST law and offer taxpayer-friendly measures.

In a significant development, CBIC Chairman Sanjay Kumar Agarwal has confirmed that pivotal decisions from the recent GST Council meeting will be integrated into the forthcoming Finance Bill. This includes an amnesty scheme for initial rollout years and a sunset date for profiteering issues.

During his address at NACIN-Bhopal’s flagship GST programme, Agarwal elaborated on the 53rd GST Council meeting's propositions, including rate rationalisation, and clarifications on some goods and services.

The Council has also approved law amendments to regulate non-levy or short-levy of GST and has outlined a taxpayer-friendly move to waive interest and penalties if full tax is paid by March 2025.