August 13th 2024.
The GST Council, headed by the esteemed Union Finance Minister Nirmala Sitharaman, is all set to gather for their 54th meeting on September 9th, 2024. This news was officially announced by the Council through a post on X, which serves as a platform for such updates. As we all know, the GST Council comprises of finance ministers from both the Centre and the states, and plays a crucial role in making decisions pertaining to the Goods and Services Tax. This tax was implemented on July 1st, 2017 and has been a major topic of discussion ever since.
The upcoming meeting is expected to focus on various issues such as rate rationalisation, reduction of tax slabs, and the elimination of duty inversion under GST. These topics have been a cause of concern for many and it is believed that this meeting will pave the way for a more efficient and streamlined GST system. In fact, during the previous Council meeting held on June 23rd, Sitharaman had mentioned that the next meeting would see the Group of Ministers, led by Bihar Deputy Chief Minister Sumant Chaudhary, present their findings on rate rationalisation. This presentation will cover the progress of their work and any pending tasks that need to be addressed.
The Finance Minister had also clarified that the presentation by the GoM will be conducted regardless of whether their report is in its final draft or not. This will be followed by a detailed discussion on rate rationalisation during the Council meeting. This step is crucial in order to ensure that the GST rates are fair and reasonable for all parties involved. The meeting is expected to be a productive one, with the Council working towards creating a more efficient and transparent GST system for the benefit of the people. This news was revealed by the Press Trust of India (PTI) and has been eagerly awaited by many. Stay tuned for more updates on the outcome of this significant meeting.
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