53th GST Council Meeting on June 22: The Council is likely to discuss rate rationalisation, compliance measures, ITC reforms, among others
The 53th GST Council meeting will be conducted on June 22, 2024, in New Delhi. The GST Council, which is headed by the Union finance minister and comprises representatives of all states and UTs, is the apex decision-making body for indirect taxes in India.
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“The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” the GST Council said in a tweet on Thursday.
Nirmala Sitharaman on Wednesday assumed charge as the finance minister.
The Council is likely to discuss rate rationalisation, compliance measures, ITC reforms, among others.
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On expectations, Abhishek Jain, indirect tax head & partner at KPMG, said, “This (53rd GST Council) meeting is expected to address a considerable number of issues. Multiple clarifications are being looked after to including taxability for the online gaming sector before October, taxability of ESOPs, corporate guarantee taxability, and various rate-related clarifications are also anticipated due to recent litigations.”
Another aspect that most businesses are looking forward to is the new regulations on ISD and its implementation date, he added.
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The 53rd GST Council meeting would be the first after the Lok Sabha elections.
The previous 52nd meeting was held on October 7, 2023. During the meet, the GST Council decided to impose a 28 per cent levy on online gaming, casinos, and horse racing.
