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GST Council likely to meet on June 14

Finance Ministry not in favour of increasing GST rates on non-essential items

The 40th GST council meeting is likely to happen on June 14. The meeting may happen via video confrencing.

This will be the first meeting of GST council after COVID-19 lockdown. The last GST council meeting (39th Meeting) was done on 14th March 2020.

Tax collection has been hit drastically due to lockdown imposed since March 25 to contain the spread of coronavirus.

The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in this meeting, despite depressed revenue collections due to the nationwide lockdown. 

If goods and services tax (GST) rates are increased on non-essential items, experts believe it will further bring down their demand and impede the overall economic recovery.

Post the lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side, they said.

However, the decision will be taken by the GST Council headed by the finance minister.

In the present economic scenario in COVID-19, they said any purported proposal of introducing a calamity cess would be nothing less than adversity itself.


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Author:

TaxReply


Jun 1, 2020


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