After more than six-month absence, the Goods and services Tax Council (GST) will convene on May 28. Several states have requested Union Finance minister nirmala sitharaman to call a GST Council meeting at the earliest. Last year, the Council convened on october 5 to finalise the parameters of state borrowing to satisfy the compensation need for the shortfall. In a letter to the Union Finance minister, West bengal Finance minister amit Mitra stated that the compensation gap owing to the second Covid-19 wave is projected to be much greater than the Rs 1.56 trillion projected last year.
"Smt @nsitharamanwill chair the 43rd GST Council meeting via video conferencing at 11 AM in New delhi on 28th May 2021. The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union government & States." Sitharaman's office tweeted on Saturday. Other important concerns on the Council's agenda include the rationalisation of GST rate slabs, the adjustment of inverted duty on specific commodities, and the addition of petroleum goods, among others.
States were guaranteed compensation for five years following the adoption of the GST in July 2017 to make up for any revenue deficit, if any, as a result of the loss of indirect tax autonomy. Automobiles, cigarettes, and aerated drinks are among the commodities in the 28 per cent GST slabs that are subject to a compensation cess.
"Smt @nsitharamanwill chair the 43rd GST Council meeting via video conferencing at 11 AM in New delhi on 28th May 2021. The meeting will be attended by MOS Shri @ianuragthakur besides Finance Ministers of States & UTs and Senior officers from Union government & States." Sitharaman's office tweeted on Saturday. Other important concerns on the Council's agenda include the rationalisation of GST rate slabs, the adjustment of inverted duty on specific commodities, and the addition of petroleum goods, among others.
States were guaranteed compensation for five years following the adoption of the GST in July 2017 to make up for any revenue deficit, if any, as a result of the loss of indirect tax autonomy. Automobiles, cigarettes, and aerated drinks are among the commodities in the 28 per cent GST slabs that are subject to a compensation cess.
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