The 52nd GST Council meeting took place on 7th October, 2023 at New Delhi, chaired by the Union Finance Minister.
Key Recommendations & Decisions:
- Amnesty Scheme for Appeals: Special amnesty scheme allowing taxpayers who could not file appeal against demand orders passed on or before 31st March 2023 to file appeals up to 31st January 2024.
- Millet Flour Food Preparations: GST rate on food preparations of millet flour in powder form containing at least 70% millets by weight reduced to 0% (loose/unbranded) and 5% (pre-packaged and labelled).
- Extra Neutral Alcohol (ENA): Excluded ENA used for manufacture of alcoholic liquor for human consumption from the ambit of GST.
- Corporate Guarantee Valuation: Insertion of Rule 28(2) specifying valuation of corporate guarantees between related entities at 1% of the guarantee amount or actual consideration, whichever is higher.