Current Affairs·Economy·medium

53rd GST Council Meet: Biometric Authentication, Interest Waivers Announced

The 53rd GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman in New Delhi on June 22, 2024, introduced significant recommendations to streamline the GST regime. Key decisions include the nationwide rollout of a phased biometric authentication system to combat fraudulent input tax credit claims. The Council also recommended waiving interest and penalties for demand notices issued under Section 73 for fiscal years 2017-18 to 2019-20, provided the full tax is paid by March 2025. Additionally, it clarified tax rates on several goods and services, including milk cans and railway services. Key points:

Key points

Aadhaar-based biometric authentication will be rolled out nationwide in phases to check fraudulent Input Tax Credit (ITC) claims.
Interest and penalties on demand notices for FY 2017-20 will be waived if the full tax amount is paid by March 31, 2025.
Services provided by Indian Railways, such as platform tickets, retiring rooms, and battery-operated car services, are now exempt from GST.
A uniform GST rate of 12% will be applied to all milk cans (steel, iron, aluminium) and all types of carton boxes.
The time limit to furnish details for GSTR-4 filers (Composition taxpayers) has been extended to June 30, from the previous April 30 deadline. Why it matters: Directly relevant for the Economy syllabus, particularly taxation, fiscal policy, and fiscal federalism. The GST Council is a key constitutional body.

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Posted 27 June 2026. More daily posts →