GST Council Meeting Latest Updates: GST Council is meeting today for the first time after the nationwide lockdown. The government is expected to primarily focus on revenue generation amid low tax collections.
GST Council Meeting Latest Updates: GST Council is meeting today for the first time after the nationwide lockdown, however, no major tax rate cuts are expected. Finance Minister Nirmala Sitharaman is chairing the 40th GST Council meeting through video conferencing, in which, Anurag Thakur, finance ministers of states and senior government officers are also participating in this meeting. While businesses and industries expect a GST rate cut to ease the pain of dwindling demand amid coronavirus pandemic attack, the government’s focus is expected to be on revenue generation due to GST shortfall and states’ compensation. For taxpayers, relief measures related to the late fee for old GST returns and inverted duty structure for relaxing input tax credit are also expected to be discussed. After the meeting, FM Nirmala Sitharaman will address the media virtually at 12.45 pm. The government has already waived late fees for filing GSTR-3B returns from February – May 2020 and now it may look for ways to garner funds to compensate states for the revenue loss.