The Synthetic & Rayon Textiles Export Promotion Council

In-Principle approval given for Law Amendments during 31st Meeting of the GST Council

Circular No.ES/324 /2018-19                                                              December 24, 2018

To: Members of the Council

Sub.: In-Principle approval given for Law Amendments during 31st Meeting of the GST Council

Dear Member,

The Ministry of Finance has issued a Press Release dated 22nd December, 2018 on the above subject.

The GST Council in its 31st meeting held on 22nd December, 2018 at New Delhi gave in principle approval to the following amendments in the GST Acts:

  1. Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.

  1. Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.

Please note that the above recommendations of the Council will be made effective only after the necessary amendments in the GST Acts are carried out.

Thanking you,

Yours faithfully,

S. BALARAJU
EXECUTIVE DIRECTOR