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Studycafe Admin | Dec 31, 2021 | Views 494823

GST Council 46th Meeting to be chaired by Finance Minister Today

GST Council 46th Meeting to be chaired by Finance Minister Today

46th GST Council Meeting will be held today in New Delhi. This is the last meeting of the year 2021. Also, this meeting is important as it is held ahead of Union Budget 2022 which would be presented in Parliament on 1st February 2021.

The meeting will be attended by MoS for Finance Shri Pankaj Chaudhary, Union Minister Of State For Finance, Government Of India & Shri Dr. Bhagwat Kishanrao Karad, Union Minister of State for Finance, Government of India besides Finance Ministers of States & UTs and Senior officers from Union Government & States.

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Hike on High Tax Rates on Textile products to be put on hold, this is the demand of the industry which will be discussed in today’s meeting.

In the Last GST Council Meeting, it was decided to increase GST Rate on textile and footwear from 5 percent to 12 percent to correct the anomaly of inverted duty structure.

Several States have also demanded an increase in the tenure of GST Compensation Cess as their revenue has been impacted badly due to COVID Pandemic. GST Compensation Cess tenure ends next year in June.

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