New Delhi : Union finance minister Nirmala Sitharaman will chair the 53rd meeting of the GST (Goods & Services Tax) Council on Saturday. This is her first GST Council meeting in the new term of the Modi 3.0 government. The GST Council includes finance ministers of all states and Union Territories.
The GST Council is likely to deliberate on key issues, including taxation on online gaming, an amendment to overrule retrospective tax demands, reviewing a possible exemption for reinsurance, Tax relief for foreign airlines, GST relief for fertilizer companies. However, the proposal to include fuel in the GST regime is unlikely to be discussed in the meeting.
The GST Council :
The GST Council in India is a constitutional body established under Article 279A of the Indian Constitution. It is responsible for making recommendations to the Union and State Governments on issues related to the Goods and Services Tax (GST). The GST Council aims to foster a cooperative federal structure by ensuring uniformity in tax rates and policies across the country.
Composition:
Chairperson: The Union Finance Minister.
Members: Includes the Union Minister of State in charge of Revenue or Finance and the Ministers in charge of Finance or Taxation from each state.
Key Functions:
Tax Rates and Exemptions: Recommends the GST rates and exemptions for various goods and services.
Model GST Laws: Suggests model GST laws and principles of levy.
Threshold Limits: Decides the turnover threshold for GST registration.
Special Rates: Determines special rates for additional resources during calamities.
Dispute Resolution: Addresses disputes between the central and state governments or among states.