Upcoming 47th GST Council Meeting Date and Venue; Check Details 

Upcoming 47th GST Council Meeting Date and Venue; Check Details 

Sushmita Goswami | Apr 14, 2022 | Views 154780

Upcoming 47th GST Council Meeting Date and Venue; Check Details 

Upcoming 47th GST Council Meeting Date and Venue; Check Details 

The GST Council meeting, which has been eagerly anticipated, will take place in May 2022. The meeting will be known as the 47th GST Council meeting and will be centred on GST rate adjustment. The development occurs as Union Finance Minister Smt. Nirmala Sitharaman prepares to travel to the United States for a 10-day meeting with the World Bank and the International Monetary Fund in April 2022.

The GST Council meeting was originally scheduled for April 2022, however it has been rescheduled for the following month. According to sources, the 47th GST Council meeting will most likely take place in Shillong, Meghalaya, as planned.

GST compensation cess

The extension of the GST compensation cess will be in the spotlight among the many items on the agenda. Several opposition-ruled states in India have petitioned the government to extend the GST law’s five-year compensation term before it expires in July 2022. Following the implementation of the GST, the federal government has already agreed to compensate states that are experiencing revenue shortfalls twice a month.

Assume the GST Council approves an extension of the GST compensation. In that situation, an amendment to the Indian Constitution will be considered in the upcoming legislative session.

Decision on combining the 5% and 12% GST rates into a single rate of 8%

Aside from the aforementioned issue, the GST Council is scheduled to make a decision on combining the 5% and 12% GST rates into a single rate of 8%. Furthermore, some commodities may be reclassified from the 12 percent GST rate to the 18 percent rate.

As per news sources, a decision on GST rate restructuring may not be reached at the next Council meeting.

The GST rate system now includes four significant GST rate slabs: 5%, 12%, 18%, and 28%. To arrive at revenue-neutral rates, many economists and industry professionals believed it was necessary to consolidate a few slabs. The GST Council has earlier deployed a committee or team of GST Council members to review the GST rate rejig required issues and resolutions, led by Karnataka Chief Minister Shri Basavaraj Bommai. The committee has met multiple times in the past, and its leader met with the Union FM a week earlier to discuss the GST rate rejig study’s progress.

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