GST Council to schedule meet in early January to discuss inverted duty structure
The central is planning to meet in first week of January with the GST council. The meeting is likely to discuss inverted duty structure for a few more items and will also serve as a platform for pre-budget discussion as reported by business standard.
The current winter session of parliament ends on December 23, 2021 followed by the Christmas New year period. “After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum” according to government sources.
In the meeting, Finance Minister Sitharaman and senior budget-makers, including Revenue Secretary Tarun Bajaj, are likely to take views of state finance ministers in their expectations from the 2022-23 Union Budget. Officials said that a decision is yet to be taken on which items will be considered for rate rationalisation; the group of Ministers formed to review the matter has not submitted its report.
Industry body representatives, on the other hand, said that rates of some pharmaceutical products need to be rectified as reported by Business Standard.
