47th meeting of GST Council to be held in Srinagar

The 47th meeting of the GST Council will be held on June 28 and 29, 2022 in Srinagar. The GST Council is chaired by Finance Minister Nirmala Sitharaman. This is the second time that the GST Council meeting is being held in Srinagar. Before the launch of the Goods and Services Tax (GST) on July 1, 2017, the 14th meeting of the Coun cil was held on May 18 and 19 in the city.

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The Council had last year set up a seven-member panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates. The GoM had last met in November 2021.

Key points to be discuss in the meeting:

• The 47th GST Council meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming.
• The Group of Ministers (GoM) is likely to discuss possible changes in tax slabs, the sources said, adding that the final report of the panel would take some more time.
• The Council may also consider some modification in summary return and monthly tax payment form GSTR-3B with a view to check fake input tax credit claims and expedite settlement of genuine ones.
• According to sources, the modified form will provide clarity with regard to gross input tax credit due to taxpayer, the amount claimed in a particular month and the net amount left in the taxpayer’s ledger.

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