Finance Minister, Arun Jaitley arrives at the Vigyana Bhavan for the 32nd GST Council Meet. The GST Council meet is currently ongoing in New Delhi today.
It is the 32nd meet of the Goods and Services Tax Council and is likely to discuss the recommendations of the two ministerial panels, anti-profiteering measures, RFID tagging, the implication of setting up a fund in case of exigencies such as natural disasters, and the exemption threshold for MSME sector. Additionally, the Council is also likely to discuss the tax rate on private lotteries.
32nd GST Council Meeting under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri @arunjaitley began this morning in Vigyan Bhawan in national capital. pic.twitter.com/8YxibbwlYS
— Ministry of Finance (@FinMinIndia) January 10, 2019
Small-taxpayers are eagerly waiting for the decision on the exemption threshold for the MSME sector. The ministerial panel headed by Shiv Pratap Shukla is likely to discuss increasing the threshold from the current INR 20 lakh to INR 75 lakh, for MSME’s. With this increment in the threshold limit, small businesses can avail the benefits of GST Tax exemption.
Other much-awaited decisions include taking the final call on the ‘Revenue Mobility scheme’, introduced by the committee led by Sushil Kumar Modi. The committee drafted in 30th GST Council Meeting; the committee studies the implications of setting up a fund in case of exigencies such as natural disasters like the recent floods in Kerala.