47th GST Council to meet on June 28, 29 – tweaks in tax rates & slabs on agenda

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will meet on June 28 and 29, 2022 in Srinagar to discuss possible tweaking in tax rates and may make changes in the tax slabs.

“The 47th meeting of the GST Council will be held on June 28-29, 2022 (Tuesday & Wednesday) in Srinagar,” Finance Minister Nirmala Sitharaman’s office tweeted.

This meeting comes against the backdrop of the much-debated recent Supreme Court decision on the Goods and Services Tax (GST). Further, the compensation cess arrangement with the states is also slated to end. So, this GST Council meeting is critical for the very future of GST.

Also, the Group of Ministers (GoM) tasked to review the GST levy on casinos, race courses and online gaming has finalised its report and has unanimously decided on hiking the tax rate on these services to 28 percent. At present, services of casinos, horse racing and online gaming attract 18 percent GST.

Besides,  according to sources, “The GoM is likely to discuss the proposal to shift rate slabs from current 5 percent to 7 percent or 8 percent and the 18 percent slab to 20 percent.”

Also on the agenda of the GoM is to “prune the list of exemptions which can be continued under GST, correction of inverted duty structure wherever needs, especially to give a nuanced look at the textile sector,” sources added.

Source from - https://www.cnbctv18.com/finance/47th-gst-council-to-meet-on-june-28-29–tweaks-in-tax-rates–slabs-on-agenda-13841832.htm