Here are the major decision taken in the 48th GST Council meet:

The GST Council on Saturday agreed to decriminalise certain offences and doubled the threshold for launching prosecution to ₹2 crore, Revenue Secretary Sanjay Malhotra said.

No new taxes have been brought, Sitharaman said on the deliberations at the GST Council's 48th meeting.

The Council, she said, has clarified on what constitutes an SUV and attract the tax applicable for such categories of automobiles.

Decriminalisation under GST: 

The Council has recommended to raise the minimum threshold of tax amount for launching prosecution under GST from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or services or both;

To reduce the compounding amount from the present range of 50% to 150% of tax amount to the range of 25% to 100%;

To decriminalize certain offences specified under clause (g), (j) and (k) of sub-section (1) of section 132 of CGST Act, 2017, viz.-

obstruction or preventing any officer in discharge of his duties;

deliberate tempering of material evidence;

failure to supply the information.

Tax rates:

Rab (rab-salawat) is classifiable under CTH 1702 which attracts GST at the rate of 18%.

Fryums manufactured using the process of extrusion is specifically covered under CTH 19059030 and attract GST at the rate of 18%.

The higher rate of compensation cess of 22% is applicable to motor vehicle fulfilling all four conditions, namely, it is popularly known as SUV, has engine capacity exceeding 1500 cc, length exceeding 4000 mm and a ground clearance of 170 mm or above

Goods falling in lower rate category of 5% under schedule I of notification No. 1/2017-CTR imported for petroleum operations will attract lower rate of 5% and the rate of 12% shall be applicable only if the general rate is more than 12%

As a relief measure, the Council decided to regularise the intervening period starting from the date of issuance of Circular (3.08.2022) in respect of GST on 'husk of pulses including chilka and concentrates including chuni/churi, khanda' on " as is basis" on account of genuine doubts.

No GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his business.

Incentive paid to banks by Central Government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable

Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services.

The Council could decide on only 8 out of the 15 agenda items due to paucity of time, Finance Minister Nirmala Sitharaman said, adding the items not considered included one pertaining to setting up of appellate tribunals for GST.

Tax rate on husk of pulses reduced to nil from 5 per cent, says Revenue Secretary after GST Council meeting.

The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could also not be taken up.

Revenue Secretary Sanjay Malhotra said GST on online gaming and casinos was not discussed as the report of a Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back.

The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday.

"Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted.

The GST Council is the highest decision making body of the one-nation, one-tax Goods and Services Tax (GST) regime. It is headed by the Union Finance Minister and all states and UT are represented in the body.

"48th GST Council meeting did not complete agenda. It is heartening to see that the GST Council taking up ambiguous issues and clarifying the same to prevent future disputes and litigation. In the meeting as well it took up issues on rate and classification. Critical item such as GST Tribunal could not be taken up due to paucity of time. Non-setting up of GST Tribunal is hurting the tax payers esp exporters who's refund is stuck due to negative order by tax authorities.Increasing the threshold for taking criminal action against a defaulting tax payers except cases of Fake invoices is a welcome move," said Saket Patwari Executive Director, Indirect Tax ,Nexdigm.