GST Council Meet on June 22: What’s on the agenda? Read here to know more
While the agenda for the upcoming GST Council meeting is not known yet, state finance ministers are expected to flag suggestions for the indirect tax regime that can be incorporated in the Union Budget likely to be presented next month. Industry is looking at discussions during the GST Council meeting on the revival of a plan to restructure the complex multiple-rate tax structure, with GST revenue having already risen significantly. The industry is also expecting a review of the 28 per cent levy on online games, horse racing and casinos.
Further, the inverted duty structure creates a cash flow burden for businesses and accumulates Input Tax Credit (ITC) that cannot be effectively used because of the complexities and litigations surrounding inverted duty structure (IDS) refunds. Per experts, the GST Council meeting is expected to focus on resolving the inverted duty structure plaguing sectors such as textiles, footwear, and fertilisers.
The 53rd GST Council meeting will be held on June 22, 2024 at New Delhi, the official handle of the GST Council had informed in a post on X. At its last meeting held on October 7, 2023, the Council had initiated discussions on a “perspective plan” to impose a cess or surcharge on top of GST levies after March 2026, when the GST Compensation Cess is due to expire. The Council had then decided to meet in the future to discuss a replacement levy for the Cess and how those funds could be used.
