Business class looking over GST Council meeting

May 30 2020 04:20 PM
Business class looking over GST Council meeting

The GST Council in India is scheduled to meet in June next month. The Finance Ministry is not in favor of raising the Goods and Services Tax (GST) on non-essential goods in this meeting. The finance ministry is not in favor of raising GST on non-essential items, despite the decline in revenue collection due to the nationwide lockdown implemented to prevent coronavirus infection.

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If the Goods and Services Tax (GST) rates are increased on non-essential goods, then according to sources, this will reduce its demand further and this will hamper the overall economic recovery. According to sources, the demand will have to be encouraged after the lockdown and economic activities will have to be improved not only on essential items but also on all fronts.

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The final decision will be taken by the GST Council headed by the Finance Minister. The 39th meeting of the GST Council was held in March. In this meeting, it was proposed to rationalize taxes on many items. A 21-day nationwide lockdown was announced on 24 March in the first phase by Prime Minister Narendra Modi to prevent the coronavirus infection. This was later extended to May 3 in the second phase. After this, the lockdown has been extended till May 17 in the third phase and May 31 in the fourth phase. There has been a big decline in GST collection due to lockdown. The government has not released the data on the April GST revenue collection due to the lockdown. The government had last month extended the deadline for filing GST returns for the month of March from April 20 to May 5.

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