41st GST Council meet today: Here’s what is expected
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41st GST Council meet today: Here’s what is expected

New Delhi: Finance Minister Nirmala Sitharaman will chair the 41st Goods and Services Tax (GST) Council assembly on Thursday by way of video conferencing.

Minister of State (MoS) for Finance Anurag Thakur, Finance Ministers of States and Union Territories (UT) and senior officers from the Union Government and states will attend the assembly which is able to start at 11 am, the Ministry of Finance tweeted.

In the final assembly held on June 12, the GST Council determined to waive off charges for late submitting returns between July 2017 to January this 12 months in a bid to minimise the influence of COVID-19 disaster on micro, small and medium enterprises (MSMEs).

Discussion on correction in inverted responsibility on sure items like textiles and footwear can also be possible, information Agency PTI had reported.they stated.

The COVID-19 disaster has additional compounded the state’s fiscal issues.

Several states together with Kerala, West Bengal, Bihar and Punjab have raised the difficulty to plan a typical technique on the difficulty asking the Centre to make good any shortfall in GST revenues to them within the first 5 years of implementation of the regime that subsumed 17 completely different central and state taxes.

PTI quoting sources stated that states could now have to have a look at market borrowings to make good their respective income shortfall and the GST Council will take a last name.

Under GST regulation, states had been assured to be compensated bi-monthly for any lack of income within the first 5 years of the GST implementation from July 1, 2017. The shortfall is calculated assuming a 14 per cent annual progress in GST collections by states over the bottom 12 months of 2015-16.

Under the GST construction, taxes are levied beneath 5, 12, 18 and 28 per cent slabs. On prime of the very best tax slab, a cess is levied on luxurious, sin and demerit items and the proceeds from the identical are used to compensate states for any income loss.

The GST Council has to resolve the right way to meet the shortfall in such circumstances and never the central authorities, sources informed the information Agency.

The GST Council may focus on on revising Two-wheelers GST charges. In a CII meet, the FM had stated that the 2 wheelers advantage a GST fee revision since they’re neither a luxurious nor sin items. Two-wheelers presently appeal to 28 per cent GST.

 

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