The Union Finance Minister Nirmala Sitharaman chaired the 54th meeting of the GST Council today (9th September 2024) at Sushma Swaraj Bhawan in New Delhi. The Union Minister of State for Finance M.P.P. Chaudhary, along with the Chief Ministers of Goa and Meghalaya, and the Deputy Chief Ministers of Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana also participated in the meeting.
GST Council is an apex member committee to modify, reconcile pr to procure any law or regulation based on the context of Goods and Services Tax (GST) in India. The GST Council decides on the tax rates, tax exemptions, the GST return due dates, tax laws and other deadlines which also includes special exemptions and rates for some states. It also is the key decision making body which ensures that the country has one uniform tax rate over goods and services throughout the Country.
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The GST Council was constituted as per Article 279(1) of the Indian Constitution to form the council within 60 days of the commencement of the Article 279A.
The Constitution does not mention about the number of times the GST Council should meet, but the council meets periodically based on the need.
Article 279A(4) specifies that the council will make recommendations to the Union and the state on important issues related to GST, such as the GST Rates of Goods and Services , Threshold limits etc.
The 55th GST Council meeting is scheduled to be held in November, 2024. The GST Council is expected to review the decisions and key takeaways of the 54th GST Council Meeting. This includes the Reports of GoM and the taxation of the Gaming Industry and various other decisions.
The 54th GST Council meeting was held on 9th September, 2024 at New Delhi. The Council aims to take measures on facilitating trade and streamline GST Compliance. After achieving the monthly gross GST revenue collection of Rs.1.75 lakh crore in August, it’s the time to look forward to GST rate rationalization from a 4-tier to a 3-tier structure. It is the first meeting after the 2024 Lok Sabha elections.
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The meeting was chaired by Finance Minister Smt. Nirmala Sitharaman and attended by the FM’s of the States and Union Territories (UT’s) and other senior officers of both, the Ministry of Finance (MoF) and the states and UTs.
Major expectations regarding the 54th GST Council meetings are Reduction of GST Rates on life and health insurance, Rate Rationalization, and GST Appellate tribunal mechanism etc.
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