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.

You May Also Like

GST Portal allows B2B Invoices of FY 2017-18 to be amended, starting today!

Goods and Services Tax Network (GSTN) has today, at last, reopened the…

GST composition scheme taxpayers to file in Form GST CMP-08

The composition scheme taxpayers are relieved as the Finance Ministry has allowed…

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…

Late fee for delaying GSTR-4 of FY 2021-22 waived off until 30th June 2022

The Central Board of Indirect Taxes and Customs (CBIC) has provided relief…