The GST Council is a body tasked with making recommendations to the central and state governments on important issues related to the Goods and Services Tax (GST). Every quarter, the GST Council holds a meeting to oversee and govern the GST regime in India. You can keep track of the changes in the GST rates, any new measures introduced, and other developments by reading the GST meeting updates each quarter.
The first GST Council meeting was held on September 22 and 23, 2016.
The 49th GST Council meeting was held in New Delhi on 18 February 2023. This was two months after the previous GST Council meeting, which was held on 17 December., 2022. Before the meeting was held, the expectations around the possible agenda included the following items:
In the latest meeting, the GST Council made several important recommendations for the GST regime in India. Here is a preview of some of the top highlights.
The Indian government has decided to clear the pending GST compensation dues payable to Indian states. The total amount payable amounts to ₹16,982 crores. This sum is to be paid from the government’s resources.
Taxpayers have had a long-standing demand to have a functional GST Appellate Tribunal to hear their appeals. In the 49th GST Council meeting, the report of the Group of Ministers (GoM) on constituting such a GST Appellate Tribunal was adopted, although with some modifications.
Considering the GoM report for sectors involving commodities like pan masala, gutka and chewing tobacco, the GST Council approved certain recommendations to increase the collection from these sectors. The highlights of these recommendations are as follows:
The GST rate on rab has been reduced from 18% to 5% (if sold labelled and prepackaged) or nil (if sold in any other form). The GST rate on pencil sharpeners was also reduced to 12% from 18%.
While the 49th GST Council meeting updates show that there has not been any increase in the GST rates as such, it is still important to track your tax payments and other expenses smartly.
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The 49th GST Council meeting was held in New Delhi. The date of the 49th GST Council meeting was 18 February 2023.
The important highlights of the 49th GST Council meeting include the Indian government’s decision to pay the balance of the GST compensation to the states (over ₹16,000 crores). The meeting also touched upon the report of the Group of Ministers on the GST Appellate Tribunal and changes in GST rates of ‘Rab’ Jaggery and pencil sharpeners.