GST Council – Meeting Live Updates on Notifications, Amendments, Dates & Members of Council Body

A single common “Goods and Services Tax (GST)” was proposed and given a go-ahead in 1999 during a meeting between the Prime Minister Atal Bihari Vajpayee and his economic advisory panel. Mr Vajpayee set up a committee headed by the then finance minister of West Bengal, Asim Dasgupta to design a GST model.

Later, Finance Minister P Chidambaram in February 2006 continued work on the same. It finally was implemented on July 1st, 2017 to be a comprehensive, destination-based indirect tax that has replaced various indirect taxes that were implemented by the State and Centre such as VAT, excise duty, and others. The government of India also formed a GST Council to govern the rules the Goods and Services Tax.

Latest Updates

1st September 2021
45th GST Council meeting will be held on 17th September 2021. Tax concessions on COVID-19 essentials may be extended, Matter on GST compensation to states may be taken up, correction of inverted tax structure, etc are on the agenda.

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.

1st September 2021

45th GST Council meeting will be held on 17th September 2021. Tax concessions on COVID-19 essentials may be extended, Matter on GST compensation to states may be taken up, correction of inverted tax structure, etc are on the agenda.

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.

Why do we need a GST Council?

GST Council is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India. The council is headed by the union finance minister Nirmala Sitharaman, who is assisted by finance ministers of all the states of India.

The last Council meeting held was the 44th GST council meeting, which was held on 28th May 2021. The meeting was chaired by Finance Minister Smt. Nirmala Sitharaman. The Union Minister of State for Finance and Corporate Affairs Shri Anurag Thakur was also present at the meeting, besides the Finance Ministers of the states and union territories (UTs), and other senior officers of both, the Ministry of Finance and the States and UTs.

The GST council is the key decision-making body that will take all important decisions regarding the GST. The GST Council dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states. The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation

How is the GST Council structured?

The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.According to the article, GST Council will be a joint forum for the Centre and the States. It consists of the following members:

• The Union Finance Minister, Arun Jaitley will be the Chairperson
• As a member, the Union Minister of State will be in charge of Revenue of Finance
• The Minister in charge of finance or taxation or any other Minister nominated by each State government, as members.

GST Council recommendations

Article 279A (4) specifies that the Council will make recommendations to the Union and the States on the important issues related to GST, such as, the goods and services will be subject or exempted from the Goods and Services Tax. They lay down GST laws, principles that govern the following:

• Place of Supply
• Threshold limits
• GST rates on goods and services
• Special rates for raising additional resources during a natural calamity or disaster
• Special GST rates for certain States

Features of GST Council that you must know:

• GST Council office is set up in New Delhi
• Revenue Secretary is appointed as the Ex-officio Secretary to the GST Council
• Central Board of Excise and Customs (CBEC) is included as the chairperson as a permanent invitee (non-voting) to all proceedings of the GST Council
• Create a post for Additional Secretary to the GST Council
• Create four posts of commissioner in the GST Council Secretariat (This is at the level of Joint Secretary)
• GST Council Secretariat will have officers taken on deputation from both the Central and State Governments

The cabinet also provides funds for meetings the expenses (recurring and nonrecurring) of the GST Council Secretariat. This cost is completely borne by the Central government.

GST Council meetings

The GST Council meets to discuss and lay GST laws that will benefit dealers across the nation. The outcome of the previous latest GST Council meet was that the Council decided to implement GST provisions on e-way bills that requires goods of more than Rs.50,000 in value to be registered online before they can be moved. They have also extended the deadline to file GSTR-1.The Council will also set up anti-profiteering screening committees that will make the National Anti-Profiteering Authority stronger under the GST law. Other than laying GST laws, the GST Council have taken decisions as such:

• The threshold limit for exemption of GST would be set at Rs.20 lakh per year for all States (except for special category states)
• The threshold for special States is set at Rs 10 lakh per year
• For composition scheme is set at Rs. 75 lakh for all States (except for the North East States and Himachal Pradesh – Set at Rs 50 lakh per year)
• Ice cream, tobacco, pan masala, and other edible ice manufacturers shall not be eligible for composition levy (except for restaurant services)

GST Council also looks into drafting GST rules on registration, payment, valuation, input tax credit, composition, return, refund and invoice, and transitional provisions, among other things.

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