47th GST Council Meeting Recommendations – Press release. Key recommendations:
- Refund under inverted duty structure proposed to be allowed for ITC on input services which will reduce the accumulation of credit.
- Period from 1 March 2020 to 28 February 2022 proposed to be excluded from limitation period for filing refund applications or issuance of demand/order (by proper officer) in respect of erroneous refunds.
Non-fungible tokens whose transfer results in transfer of ownership of underlying tangible asset where such transfer of ownership of such underlying tangible asset is legally enforceable is excluded from the meaning of “virtual digital asset”.
Certain Virtual Digital Assets such as gift cards, vouchers, reward points, mileage points excluded from the definition of virtual digital asset.
TDS on transfer of “virtual digital assets” – compliance provisions and form inserted.
The last date of submitting applications under MEIS, for exports made in the period from 01.09.2020 to 31.12.2020, has been extended upto 31.08.2022.
FTP amended to reflect exemption of IGST and Compensation Cess under Advance Authorisation, EPCG and EOU scheme.
LLPs can file e-Form 11 (Annual Return) for the Financial Year 2021-2022 without paying additional fees up to 15th July, 2022.