The GST Council, the highest decision-making body under the GST regime in the country, will meet during June 28-29 in Srinagar. This will be its 47th meeting. During the meeting, the Council is likely to discuss pruning the list of exempted items, plan to shift rate slabs, and proposal to correct inverted duty structure in textiles.
“The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar,” Finance Minister Nirmala Sitharaman on Thursday said in a tweet.
A group of ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai-led, is also likely to meet on June 17. The group was formed last year by the GST Council to suggest ways for augmenting revenue by rationalising tax rates and correcting anomalies in the tax structure.
It will finalise its recommendation on shifting rate slabs from the current five per cent to seven or eight per cent; and from 18 per cent to 20 per cent. The GoM, which was given time to submit its final report before the GST Council meet, might also discuss pruning the list of exempted items under the GST regime. The panel of state ministers may also discuss the proposal to correct inverted duty structure in textiles, sources have told CNBC-TV18.
The GoM’s recommendations, once finalised, will be placed before the Council in the meeting for a final decision.
This is the first meeting after the Supreme Court last month said the GST Council is only a recommendatory body and its recommendations are not binding on the Centre or states. The court held that the recommendations of the GST Council will have a persuasive value. The Court also held that both Parliament and the state legislatures can equally legislate on the matters related to GST.
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