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Cabinet officials

GST Council to Meet in September to Discuss Comprehensive Revamp Plan

Strategic Insights

— 1 min read

The Goods and Services Tax (GST) Council is set to meet in the third week of September, specifically around September 18-19, to discuss a comprehensive revamp of the eight-year-old indirect tax regime. The decision comes after the Prime Minister announced a plan to revamp the tax system during his Independence Day address. The move aims to simplify the tax structure by dispensing with the 12% and 28% slabs, resulting in a lower overall tax burden on consumers.

Key Takeaways:

  • The GST Council is expected to meet in the third week of September to discuss the Centre's plan for a comprehensive revamp of the GST regime.
  • The revamp plan aims to simplify the tax structure by abolishing the 12% and 28% slabs, resulting in a lower overall tax burden on consumers.
  • The Congress party, which had previously boycotted the GST event in 2017 and referred to it as "Gabbar Singh Tax," seems to be open to the idea of lower taxes but wants to take credit for it.
  • The PM's announcement has reduced the scope for blocking the revamp plan, with the opposition parties, including Congress, not strongly opposing the idea despite revenue losses being a concern.
  • The group of state finance ministers (GoM) on rate rationalisation is due to meet on Thursday to discuss the plan shared with them.
  • The exact dates for the GST Council meeting will be finalised after the GoM meeting.

Statistics:

  • The GST regime is eight years old, introduced in 2017.
  • The Prime Minister announced the plan to revamp the GST regime in his Independence Day address.
  • The 12% and 28% slabs are expected to be abolished as part of the revamp plan.
  • The Congress party had boycotted the GST event in 2017.

Sources:

  • [Source: TIMES NEWS NETWORK New Delhi] - The GST Council is expected to meet in the third week of next month, around Sept 18-19, to discuss the Centre's plan for a comprehensive revamp of the eight-year-old indirect tax regime.
  • [Source: TIMES NEWS NETWORK] - The GoM on rate rationalisation is due to meet on Thursday amid indications that opposition parties, particularly Congress, are not averse to the idea of lower taxes.
  • [Source: Not stated] - The PM's announcement has reduced the scope for blocking the revamp plan.

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