The GST Council is likely to discuss pruning the list of exempted items, plan to shift rate slabs, and proposal to correct inverted duty structure in textiles
The GST Council, the highest decision-making body under the GST regime in the country, will meet during June 28-29 in Srinagar. This will be its 47th meeting. During the meeting, the Council is likely to discuss pruning the list of exempted items, plan to shift rate slabs, and proposal to correct inverted duty structure in textiles.
“The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar,” Finance Minister Nirmala Sitharaman on Thursday said in a tweet.
A group of ministers (GoM), headed by Karnataka Chief Minister Basavaraj Bommai-led, is also likely to meet on June 17. The group was formed last year by the GST Council to suggest ways for augmenting revenue by rationalising tax rates and correcting anomalies in the tax structure.
It will finalise its recommendation on shifting rate slabs from the current five per cent to seven or eight per cent; and from 18 per cent to 20 per cent. The GoM, which was given time to submit its final report before the GST Council meet, might also discuss pruning the list of exempted items under the GST regime. The panel of state ministers may also discuss the proposal to correct inverted duty structure in textiles, sources have told CNBC-TV18.
This is the first meeting after the Supreme Court last month said the GST Council is only a recommendatory body and its recommendations are not binding on the Centre or states. The court held that the recommendations of the GST Council will have a persuasive value. The Court also held that both Parliament and the state legislatures can equally legislate on the matters related to GST.
GST collections in May hit an amount of Rs 1,40,885 crore, which was a 44 per cent year-on-year jump. However, it was a drop of 16 per cent as compared to the GST collections in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
This was only the fourth time the monthly GST collection crossed Rs 1.40-lakh-crore mark since the inception of GST and the third month at a stretch since March 2022. “The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year,” said the finance ministry.
The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).
