Nirmala Sitharaman-led GST Council to meet on June 22

A meeting of the Goods and Services Tax (GST) Council headed by Union Finance Minister Nirmala Sitharaman is scheduled to be held on June 22 here in the national capital.

The meeting of the Council is the first such meeting since their last meeting in October 2023.

“The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,” GST Council’s official X handle wrote on Thursday.

The agenda of the Council meeting is not yet in the public forum.

As is the norm, the Union Finance Minister will chair the 53rd Goods and Services Tax Council meeting, with finance ministers from states, among others in attendance.

The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues.

The Council plays a pivotal role in shaping India’s indirect tax structure, ensuring that it aligns with the nation’s economic goals and eases the tax burden on citizens and businesses.

The decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics.

Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.

Meanwhile, preparation has commenced for the Union Budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led National Democratic Alliance government.

Yesterday, the Finance Minister took charge of the Finance Ministry and held a meeting with senior officials.

The Finance Minister directed the officials to initiate the budget preparation process, emphasizing the need for meticulous planning and comprehensive analysis. This early start aims to ensure a well-structured budget that addresses the country’s economic priorities and challenges effectively.

The collaborative efforts of the ministry’s team are expected to contribute to a robust and strategic financial plan for the upcoming fiscal year.