GST Council’s 54th Meeting Announced by Finance Minister Nirmala Sitharaman
The 54th Meeting of the Goods and Services Tax (GST) Council will be held on September 9, 2024, in New Delhi. This announcement was made by the GST Council on the social media platform ‘X’ on Tuesday.
Key Details
Finance Minister Nirmala Sitharaman had previously mentioned on June 22 that the next GST Council meeting would take place in mid to late August. The upcoming meeting aims to discuss pending issues from the last meeting, including rate rationalisation and compliance.
About the GST Council
The GST Council includes the Union Finance Minister and representatives from all States and Union Territories. It is responsible for making decisions on various aspects of GST, such as tax rates, exemptions, and administrative procedures. The Council has played a crucial role in shaping the GST framework in India.
Highlights from the Last Meeting
The last GST Council meeting was held on June 22, 2024. Key decisions included:
- Relaxation in taxation, Input Tax Credit (ITC) claims, and demand notices.
- Exemptions for specific services offered by Indian Railways, such as platform tickets, retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services.
- Waiving interest penalties on demand notices for fiscal years 2017-18, 2018-19, and 2019-20.
- Extension for availing ITC on any invoice or debit note.
- Setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court.
- Extending the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years.
- Phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India.
- Uniform GST rate of 12% on all milk cans, regardless of their material.
Future Plans
The Finance Minister reiterated the central government’s intent to bring petrol and diesel under the GST framework. This move aims to streamline tax rates and potentially reduce prices for consumers. However, the decision now lies with the state governments.
Doubts Revealed
GST Council -: The GST Council is a group of people from the Indian government who decide how the Goods and Services Tax (GST) should work. GST is a tax you pay when you buy things.
54th Meeting -: This means it is the 54th time the GST Council is meeting to discuss important matters about GST.
Finance Minister -: The Finance Minister is a person in the government who takes care of the country’s money. Right now, Nirmala Sitharaman is India’s Finance Minister.
Nirmala Sitharaman -: Nirmala Sitharaman is a leader in the Indian government who manages the country’s finances and money matters.
New Delhi -: New Delhi is the capital city of India where many important government meetings happen.
rate rationalisation -: Rate rationalisation means adjusting the tax rates to make them fair and balanced for everyone.
compliance -: Compliance means following the rules and laws. In this case, it means making sure everyone follows the GST rules.
tax exemptions -: Tax exemptions mean not having to pay certain taxes. For example, Indian Railways services were made tax-free in the last meeting.
Indian Railways -: Indian Railways is the train system in India that helps people travel across the country.
interest penalties -: Interest penalties are extra charges you have to pay if you don’t pay your taxes on time.
small taxpayers -: Small taxpayers are people or businesses that don’t make a lot of money and pay less tax.
petrol and diesel -: Petrol and diesel are types of fuel used in vehicles like cars and trucks.
streamline -: Streamline means to make something simpler and more efficient. Here, it means making tax rates easier to understand and manage.