FM arrives at Vigyan Bhavan for the 32nd GST Council Meet

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.

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.

Get live updates on the 32nd GST council meet at ClearTax Chronicle.

Leave a Reply
You May Also Like

33rd GST council meet likely to be on 20th February

The GST Council is likely to meet for the 33rd time, on…

Import Sales Invoices to GSTR-1 directly from the e-way bill site

GST portal has introduced a button “Import EWB data” on the GSTR-1…

Recommendations of 31st Meeting of the GST Council

The 31st GST Council meeting held today at New Delhi made the…
GST Council meeting

GST Council to meet for the 31st time on 22nd December 2018

Two weeks from now, the 31st GST Council meeting will be held…