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Easy to Know Key Decisions of GST 47th Council Meeting

47th GST Meet in Chandigarh47th GST Meet in Chandigarh
47th GST Council Meeting

Finally, the GST council 47th meeting has been concluded and the council has approved. A change in some of the tax rates to rationalize the levy was approved by the Council, but non-BJP-ruled states did not agree to the change, setting up a potential conflict over tax revenues. GST Council lost some tax exemptions on the first day of its term. State revenue demands also increased.

Despite media reports and discussions in the minister panel earlier in the day, no further discussion has been held on day one of Chandigarh’s 47th GST council meeting. On the first day of the meeting which is being led by the Hon’ble Union Minister of Finance, many key decisions have been updated and taken.

In an announcement earlier this week, Finance Minister Nirmala Sitharaman announced that the government will seek to include jet fuel under the GST system as it is an essential input for the airline industry. A main topic of discussion on day one of the 47th council meeting was GST (Goods and Services Tax) rate rationalization, as well as the exclusion of services from the tax net and a new GST rate for the hotel and hospitality sector.

Download Press Release of 47th GST Council Meet

The council has taken several important decisions that will impact the common man to small business. Download the press release to know all key decisions

Meetings were being held at Chandigarh with panel members and state finance ministers.

Day 2 Update on GST Council 47th Meet

All Day 1 Update on GST Council 47th Meet

The Official council has accepted the GOM’s interim report on GST rate rationalization.

Other 47th GST Meeting Update on Day 1st

47th GST Council Meeting in Chandigarh 28-29 June 2022

On June 28 and 29 in Chandigarh, a GST meeting will be going to conducted by Finance Minister Nirmala Sitharaman. 47th GST Council meeting would be conducted on June 28-29, 2022 (Tuesday & Wednesday) in Chandigarh, the finance minister’s office tweeted.

The government has an eye on global inflationary trends said the Finance minister. “On GST, as you have pointed out, it is not with me alone. It has got to go to the GST Council. So the next time we meet in the council, I will put it on the table for them to discuss it.” Jet fuel does not come beneath the 5 items which were not engaged in the GST.

47th Council Meeting to be Schedule in June 2022

47th GST (Goods of Services Tax) council meeting to be scheduled in June 2022, the tax rate on some products and services can also be changed. The last GST meeting of the council was held in December 2021. In that meeting, the decision to increase the tax on some products of the textile industry was put on hold. After that, Finance Minister Nirmala Sitharaman had told that there is a need to discuss more on this topic. A decision on this can be taken in the next meeting. The upcoming 47th meeting of the GST Council will be held in July 2022 as FM Nirmala Sitharaman Ji is going ten-day trip to the US (United States) for the world bank-IMF meeting.

The other consists of crude oil, petrol, diesel, and natural gas. The minister mentioned that the government was tracking the global inflationary burden and that it will not permit the Indian economy to face the issues because of a lack of preparation of any kind.

FM mentioned that after the 2008-09 financial crisis the liquidity taps were not being shut down within time. From that the result comes around is that she mentioned that India will be one of the fragile 5 nations.

She also clarified that “The taper tantrum was not addressed at all. We have learned from the last crises. We are keeping a close look at the global inflationary pressure, and we will not allow the Indian economy to suffer from the want of preparation,”

Read Also: GST Council 1st Meeting to 46th Meeting

Inside a meeting, she ensured for immediate resolution of the legacy financial stress across the power distribution utilities as an effort to secure the change in the environment. She indeed mentioned that she will approach the banks to provide assurance for the liquidity assistance to the sectors that are to be required.

Answering the sector recommended for sending out another call for the dumping of the ferrous and non-ferrous metals into India, the minister mentioned that the competing demands of various sections of the industry large scale metal producers competing with the fewer cost imports and the requirement for the small businesses to provide the access for the cheaper raw materials and produce issues concerning to the policy.

Minster also mentioned that “While we do not want dumping, we also want the price to be at affordable levels for MSMEs,”

Sitharaman mentioned that the government was stating the complex issues for the power sector point to point.

Futuristic financing and effective partnership would proceed. The same is not been undergone longer. This is to be sorted out quickly as this is an important sector. “She added that it was important for this sector to be buoyant in order to meet India’s commitment to achieving net-zero emissions by 2070.”

FM indeed mentioned that the LIC IPO will be coming soon. The minister elaborated that nothing is to be found in the wanting of the process of divestment. Council does more care. She would instead approach that and then force it to conclude quickly. In the former year’s budget, I am interested in completing the commitments she said.

In FY23 the government settled out a target of INR 65000 cr in FY23. it indeed reduces the divestment target for FY22 to INR 78000 cr from INR 1.75 trillion.

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