Finance Minister Nirmala Sitharaman will preside over the 40th meeting of the GST Council today, which will take place through video conferencing, amid lockdown and corona transition. In this meeting, it is possible to discuss the impact of COVID-19 on tax revenue today, as well as talks, can be held to prepare a framework for the payment of compensation to the states.
According to media reports, the government is currently not in the mood to change the GST rates on goods. But the council can discuss ways to raise money to compensate for the revenue loss to the states due to the implementation of GST. The impact of the epidemic on the revenue of the Center and the states and ways to reduce the revenue gap will be discussed.
With the reduced collection and extended time frame for filing returns, the government has not released the monthly GST revenue collection figures for the months of April and May. Currently, under the GST structure, 5, 12, 18 and 28 percent slabs are taxed. Above the highest tax slab, cess is levied on luxury, and demerit goods and the proceeds from the same are used to compensate states for any revenue loss. In a recent program of the industrial organization FICCI, Finance Minister Nirmala Sitharaman had said on the GST rate cut, that this decision is taken by the GST Council, but the Council is also looking for or worried about revenue collection.
There has been a tremendous fall in the stock markets, this thing has an impact on the market
Gold prices records historic growth, silver also strengthened