53rd GST Council Meeting recommends sunset clause for receipt of any new application for Anti-profiteering

In a significant move, the 53rd GST Council meeting recommended introducing a sunset clause for new anti-profiteering applications, setting April 1, 2025, as the deadline. This change aims to simplify regulations and reduce the burden on businesses, with the focus shifting to existing cases post-April 2025. The Council also proposed waiving interest and penalties for demand notices issued under Section 73 of the CGST Act for fiscal years 2017-18 to 2019-20, provided full tax is paid by March 31, 2025. \r

Additionally, the Council recommended extending the deadline for availing input tax credit (ITC) for fiscal years 2017-18 to 2020-21 to November 30, 2021. These measures, along with setting monetary limits for filing appeals and reducing pre-deposit amounts, aim to enhance the efficiency of the GST framework and reduce litigation, reflecting the Council's commitment to improving the GST system.