The GST council, the highest decision-making body for the tax regime in India will have its 47th meeting during June 28-29 in Srinagar. The meeting will discuss and will put forward several issues and proposals such as regarding inverted duty structure, plan to shift rate slabs etc.
The rate rationalisation committee by a group of ministers (GoM) will also likely meet and discuss GST rates rationalisation because of high inflation on the 17th of June. It is headed by the Karnataka Chief Minister Basavaraj Bommai. It will discuss the GST rate rationalisation and correcting the flaws and anomalies in the tax structure.
In the GST council meeting which will be held next week, the council will finalise the proposal of shifting the tax rate slabs from the current five per cent to seven or eight per cent. The council might also discuss the list of exempted items or items on which the Goods and Services Tax will not be levied. The GoM’s recommendations once finalised will be placed before the council in its upcoming meeting.
This is going to be the first meeting of the GST council after Supreme Court’s recent major decision. The Supreme Court last month said that the GST council is only a recommendatory body and its decisions are not binding on either centre or state. The Supreme Court also stated that the GST council will have a persuasive value. The court also held that both the parliament and states can equally legislate and take up decisions on the matters and disputes related to GST.
GST collections in May were 1,40,885 crore, which was a 44 percent year-on-year jump. However, it dropped by 16 percent if we compare it with the GST collections in April. The gross revenue collected in May was Rs. 1,40,885 crores of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, and IGST is Rs 73,345 crore and cess is Rs 10,502 crore. This was only the fourth month when the monthly GST crossed Rs 1.40 lakh crore mark since the enactment and implementation of the GST Act.
The revenues for the month of May 2022 are 44 percent higher than the GST revenues in the same month last year of 97,821 crores. The revenue from the import of goods was 43 percent higher
Use AI & ML powered OCR software or APIs to extract data from Invoices.