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Agenda of 30th GST council meeting held on 28th September 2018 revolved around the administerial progress made in GST system. Nonetheless, discussions also happened around the necessity to levy cess in case of exigencies. Finance Minister of India, Arun Jaitley chaired the meeting held via video conferencing.
28th May 2021
43rd GST Council meeting took place on 28th May 2021. The Council approved the GST amnesty scheme to be re-introduced, the late fee was rationalised for all taxpayers, especially for small taxpayers and IGST is exempted on import of COVID treating equipment and relief materials up to 31st August 2021.
21st May 2021
43rd GST Council meeting will take place on 28th May 2021 (Friday) at 11 A.M. via video conferencing and will be chaired by Union FM Nirmala Sitharaman.
18th February 2021
Various media sources have stated that the next 43rd/44th GST Council Meeting is set to be held in mid-March 2021.
12th October 2020
The extended 42nd GST council meeting (also referred as 43rd GST Council meet by certain media sources) was held on 12th October 2020 with the following highlights:
1. The meeting ended with no unanimity on the borrowing issue.
2. The levy of compensation cess will continue beyond the 5-year period.
3. The centre will not be able to borrow funds to meet the compensation cess shortfall.
4. It was also clarified in the press briefing that the cess collected July 2022 onwards will not be disbursed to the states.
5th October 2020
At the 1st of the 42nd GST Council meeting, the GST council discussed the pressing compensation cess issue and other matters with regard to ease of return filing and GST rate reduction.
27th August 2020
41st GST Council meeting was held on 27th August 2020 via VC with the key item on agenda being the ways to compensate for the GST revenue shortfall to the states.
12th June 2020
40th GST Council meeting concluded with major announcements made for MSMEs.
A seven-member Group of Ministers (GoM) is formed to look into the following verticals and submit a report of recommendations to the GST council by 31st October 2018 on the following issues:
The GST collections have been beyond the expected target in many north-eastern states. Additionally, a panel of analysts will be conducting a research on all the states pertaining to the GST collection and will recommend ways to bridge the gap between the current revenue and targeted revenue. The graph of the GST revenue collection showed that states showed 16% shortfall in the first year of its implementation. This shortfall has been reduced to 13% in April – Aug 2018. Finance minister Arun Jaitley stated that the deficit is expected to neutralize itself within 5 years of GST’s rollout. As per the analysis based on the facts mentioned above, the future rate cuts in the goods and services will depend on the increase in revenue collections in all the states in the coming months. * Press releases are yet to be notified by the CBIC.