New Delhi: GST Council Meeting: Coronavirus pandemic (Coronavirus Epidemic) Goods and Services Tax (between the first meeting of GST) Council ( GST Council 40th Meeting ) to be held on 12 June. This meeting of the GST Council will be done through video conferencing. According to media reports, there may be many announcements in the GST Council meeting to give relief to businessmen. According to media reports, the meeting is expected to discuss GST late fees, compensation to states, and raising more revenue in Compensation Cess Fund.
Explain that after the onset of Coronavirus infection in the country, the first meeting of the GST Council will be held. To prevent the spread of the Coronavirus epidemic, lockdown is in force across the country from 25 March. This has affected tax collection. The GST Council is headed by the Union Finance Minister and includes representatives from all states and union territories.
The last meeting of the GST Council was held in March,
according to sources, on June 14, the likely meeting of the GST Council will be through video conference. It is noteworthy that in the 39th meeting of the GST Council held in March, the impact of the coronavirus epidemic on the economy was discussed. However, the incidence of infection of this epidemic was very low in India at that time and the lockdown was also not implemented. Meanwhile, the finance ministry is not in favor of raising GST rates on non-essential items in the next meeting of the GST Council, despite the decline in revenue collection due to nationwide lockdown. Sources said that if GST rates are increased on non-essential items, then this will reduce the demand for these items. This will disrupt the overall economic recovery.
The next meeting of the GST Council in mid-June (GST Council Meeting June 2020) is not likely to bring about major changes in the indirect tax structure. However, according to sources, it is expected that the Goods and Services Tax (GST) Council may consider raising the tax rate and cess on some non-essential items to increase revenue for states and the Center.