The 56th meeting of the GST Council will be held in New Delhi on 3 and 4 September. A notification has already been issued for this meeting.
The focus will be on next-generation reforms in GST. One of the key proposals is to reduce the current four tax slabs to just two — 5% and 18%.
Apart from this, the meeting will also discuss reforms related to GST registration, filing of returns, and refunds.
Change in GST Tax Slabs
At present, GST has four tax slabs — 5%, 12%, 18%, and 28%. The proposal aims to abolish the 12% and 28% slabs, leaving only two slabs for the future.
This recommendation has already been approved by the Group of Ministers (GoM). The final decision will be taken in the GST Council meeting.
Before the Council meeting, officials will meet on 2 September to prepare for the discussions.
The 56th meeting of the GST Council will be held in New Delhi on 3 and 4 September. A notification has already been issued for this meeting.
The focus will be on next-generation reforms in GST. One of the key proposals is to reduce the current four tax slabs to just two — 5% and 18%.
Apart from this, the meeting will also discuss reforms related to GST registration, filing of returns, and refunds.
PM’s Earlier Indication
Prime Minister Narendra Modi had earlier hinted, during his Independence Day speech on 15 August, that before Diwali the common people would get a “big gift.”
He had said that food items and other essential goods for the poor and middle class would become cheaper.
Following this announcement, several rounds of meetings were held, starting with the GoM and now leading to the upcoming GST Council session.
States and Officials to Participate
The GST Council has informed all states about the meeting. Chief Secretaries of states and Union Territories have been asked to ensure that their Finance/Taxation Ministers, or nominated ministers, attend.
The meeting will also include the Union Finance Minister, Minister of State for Finance, representatives of all states and Union Territories, the CBIC Chairman, and the CEO of GST Network.
Prime Minister Narendra Modi had earlier hinted, during his Independence Day speech on 15 August, that before Diwali the common people would get a “big gift.”
He had said that food items and other essential goods for the poor and middle class would become cheaper.
Following this announcement, several rounds of meetings were held, starting with the GoM and now leading to the upcoming GST Council session.
