53rd GST Council Meeting Update: CBIC Issues 16 Circulars

The 53rd GST Council meeting commenced in New Delhi on 22nd June, 2024. The newly appointed minister of Union Finance and Corporate Affairs, Nirmala Sitharaman, chaired the meeting.  This GST council meeting was held eight months after the 52nd meeting and was the  1st meeting post-2024 Lok Sabha elections. 

The meeting, with a primary goal to streamline GST compliance, saw the GST council recommending various updates in the tax rates. Notably, the council announced relief on milk cans and solar cookers for students living in rented accommodations, a move that reassures and supports the community. 

In the 53rd GST council meeting, the union finance minister made pre-budget recommendations for FMs of states and union territories. Along with the CMs of Goa and Meghalaya, the Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and Odisha attended the meeting, which was also attended by the finance ministers of states and UTs. 

Let’s scroll down to download the GST updates. 

CBIC issued 16 Circulars under GST

*Circular No. 207*- Fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court

*Circular No. 208*- Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities.

*Circular No. 209*- Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply

*Circular No. 210*- Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit.

*Circular No. 211*- Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons.

*Circular No.212*- Clarification on the mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers

*Circular No. 213*- Seeking clarity on the taxability of reimbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees.

*Circular No. 214*- Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value

*Circular No. 215*- Clarification on taxability of wreck and salvage values in motor insurance claims.

*Circular No. 216*- Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023

*Circular No. 217*- Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement.

*Circular No. 218*- Clarification regarding the taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person.

*Circular No. 219*- Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017

*Circular No. 220*- Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors

*Circular no 221*- Time of supply on Annuity Payments under HAM Projects

*Circular No. 222*- Time of supply in respect of supply of allotment of Spectrum to Telecom companies

Wrap up

Hopefully, you have downloaded all the updates or circulars from the 53rd GST Council meeting. The above-mentioned amendments will be effective only after the finance bill, 2024 is clarified. The bill is proposed to be tabled approximately in the 2^nd or 3^rd week of July 2024. Stay tuned to more updates! Want to get regular updates about the changes in GST laws? Then, Munim is your one-stop shop! It serves you with the best accounting and GST filing software that helps you maximize returns. Record, compute, and file GST effortlessly in just a few clicks with Munim. Say goodbye to the GST filing hassles now! Sign up today for 14 days free trial and unlock unlimited access to our accounting and GST features. Hurry up! Get started!