GST Council Meeting 53rd meeting: This is the first meeting after the start of the third term of the Modi government. Many big decisions can be taken in this meeting.
GST Council Meeting: The 5th meeting of the GST Council is going to be held in Delhi on 22 June. This meeting is very important. Because this is the first meeting after the formation of the new government. According to the information received by CNBC Awaaz from sources, important issues related to GST can be discussed before the budget.
What is going to happen in the meeting on 22 June this time? Many big decisions can be taken in the meeting of the country’s Finance Minister Nirmala Sitharaman with the Finance Ministers of the states.
(1) According to the information received by CNBC Awaaz from sources, a decision can be taken on making compliance easier for businessmen.
(2) If sources are to be believed, a consensus can be reached on removing the problems of inverted duty structure.
(3) A list of 14 items was sent to the Finance Ministry by DPIIT.
(4) There is a problem of duty structure in textiles, leather, engineering goods. Apart from this, businessmen are worried about the problem of duty structure in the pharma sector. Apart from this, there is also a problem of inverted duty structure in the fertilizer sector. There is 18% GST on input while 5% on the final product. Let us tell you that due to low GST on input and high GST on finished product, the refund of the businessman gets stuck.
(5) Apart from this, the focus will be on resolving the input tax credit dispute between the buyer and the supplier. If the supplier does not make GST payment, the buyer’s ITC gets held.
(6) There can also be a discussion about reviewing the rates of online gaming. In October last year, a decision was taken to have 28% GST. Also, it was said that the rates would be reviewed in 6 months.
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