GST Council Meeting: Today, on the last day of the year 2021, the meeting of the GST Council is going to be held on 31st December. In the 46th meeting of the GST Council to be chaired by Finance Minister Nirmala Sitharaman, there can be a discussion on changing the GST rates. This meeting will be held at Vigyan Bhawan in Delhi from 11 am today.
Discussion can be held on postponing increased GST on textile sector
As the GST Council has already decided that the GST on textile products is going to be increased from 5 per cent to 12 per cent from January 1, 2022, but the state governments and the textile-footwear industry are opposing the increase in the GST rate. Therefore, in today’s meeting of the GST Council, the possibility of postponing the decision to increase the GST on clothing and footwear i.e. shoes from 5 percent to 12 percent is also being discussed.
Discussion possible on the demand to merge 12-18% tax slabs of GST
It is believed that the creation of a single tax slab by merging the 12 per cent and 18 per cent tax slabs of GST can also be discussed in this meeting, whose demand has been rising for a long time.
State governments have demanded to extend the date of GST compensation – discussion possible
In the pre-budget meeting held by the Finance Minister yesterday, the states have also demanded to increase the compensation for the loss to the states on GST for five years. Let us tell you that in June 2022, the period of giving GST compensation is expiring. Some states are suffering on this system of GST compensation and some states including Chhattisgarh, Delhi, Rajasthan are demanding that it should be extended for another five years.
There is little possibility of discussion on the idea of bringing petrol and diesel under the ambit of GST.
There is no consensus among the states on bringing petrol and diesel under the purview of GST and no framework has moved forward on this idea for a long time. This time too, there is a possibility of no decision being taken on this and no discussion in the meeting of the GST Council.