June 13th 2024.
The GST Council, headed by Finance Minister Nirmala Sitharaman, has set a date for their next meeting on June 22 in New Delhi. This meeting will serve as a preliminary review of the current taxes imposed on goods and services, leading up to the full Union Budget presentation scheduled for July.
According to sources, the Council, which comprises of finance ministers from all states and Union Territories, will be discussing the possibility of rationalizing the inverted tax structure on certain items. This is in response to the concern that the tax on inputs is higher than the tax on finished products, which can hinder the growth of manufacturing.
In addition, the Council will also consider the need to make adjustments to some taxes in order to ease the burden of inflation on consumers. This is an important factor to keep in mind in order to maintain the overall stability of the economy.
During their previous meeting in October, the Council had made the decision to reduce the GST on pre-packaged and labelled millet flour with at least 70% millet content, from 18% to 5%. It was also agreed upon that millet flour, when sold in loose form, would be exempt from GST.
It is noteworthy that GST collections have been consistently increasing, with a revenue of Rs 1.73 lakh crore in May 2024, which is approximately 10% higher compared to the previous year. This indicates a positive trend and a stable financial outlook for the country.
In summary, the upcoming GST Council meeting on June 22 will serve as a crucial step in ensuring the efficient and effective management of taxes on goods and services, as well as keeping the needs and concerns of consumers and manufacturers in mind.
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