During a discussion on the Central Goods and Services Tax (Second Amendment) Bill, 2023 in the Rajya Sabha, Finance Minister Nirmala Sitharaman addressed various proposals, including the possibility of raising the GST registration threshold from ₹40 lakh to ₹60 lakh.
GST Registration Threshold Proposal: Sitharaman acknowledged the Parliamentarians’ request to consider raising the GST registration threshold, emphasizing that the GST Council could explore this option. However, she highlighted the importance of most small businesses being part of the GST chain.
National Appellate Authority for Advance Ruling: In response to calls for a national appellate authority for advance ruling, Sitharaman expressed recognition of the trade’s concerns and stated that the matter would be duly considered.
Inclusion of Petrol and Diesel in GST: Regarding suggestions to include petrol and diesel in GST, the minister expressed her wish for state governments to understand the perspective, indicating a potential willingness to discuss the matter.
GST Law Amendments: Sitharaman explained that proposed amendments to the GST law aim to align the GST appellate tribunal with the reforms of 2021 and a Madras High Court decision. She highlighted the consistent growth in monthly GST return filing,
