The Goods and Services Tax ( GST ) Council convened for its 54th session today at Sushma Swaraj Bhawan, New Delhi, poised to deliberate on pivotal measures that could shape the economic landscape. Among the other Council Meeting agenda items under scrutiny is a proposal that could significantly impact the wallets of ordinary citizens and the middle class nationwide: the imposition of an 18% GST on UPI (Unified Payments Interface) and QR transactions valued below Rs. 2000.
Union Finance Minister Smt. Nirmala Sitharaman chairs the 54th meeting of the GST Council, at Sushma Swaraj Bhawan, in New Delhi, today.
Read latest update: 18% GST on UPI Transactions under Rs. 2000: GST Council defers Decision
Along with the Union Finance Minister, Union Minister of State for Finance Shri Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana; besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting.
This potential levy, if enacted, seeks to augment the government’s revenue streams amidst fiscal challenges exacerbated by the ongoing economic uncertainties. The decision is eagerly awaited by industry stakeholders and consumers alike.
Essential Training for Tax Professionals: Know Your Sections!
The outcome of this GST Council Meeting is expected to be announced shortly. For further updates on this evolving story, stay tuned.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
