47th GST Council Meeting starts today; Key Decisions Expected Today

The 47th GST Council meeting will take place in Chandigarh today. Its outcome will be announced on Wednesday. The meeting will be headed by Union Finance Minister Nirmala Sitharaman. It will comprise representatives of all states and UTs. The GST Council is scheduled to meet for two days starting today. The Council is likely to make some changes in goods and services tax rates on certain items. It will be the first meeting in the current calendar year.

Below are the Key decisions expected in today’s Meeting:

• The decision to bring certain changes to GST Returns so as to stop Fake ITC
• Discussion on the increasing tenure of 14% growth in Revenue to States
• Amended to GST Returns
• 28% Tax on Virtual Digital Assets to be introduced.
• Power to issue Dual Show Cause Notices (SCN) to both State & Central.
• Decision on Improving current GST Returns system
• 28% GST on Online Games, Horse Race, Casinos, etc.
• The issue on Inverted Duty Structure to be Resolved.