Parul
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on June 22 to take a look at the taxes being levied on goods and services ahead of the full Union Budget which is likely to be presented in July. “The 53rd meeting of the GST Council will be held on June 22 at New Delhi,” the GST Council Secretariat said in a post on X. Twitter.
Sources said that the GST Council which includes finance ministers of all states and UTs, may take a look at rationalising the inverted tax structure on some items in cases where the levy on inputs is higher than the finished products. This tends to hold back manufacturing.
The council may also look at the need for tweaking some taxes keeping the inflation burden of consumers in mind. At its last meeting in October, the Council decided to reduce the GST on pre-packaged and labelled millet flour with 70 per cent millet content from 18 per cent to 5 per cent. Millet flour has been exempted from GST if sold in loose form. Overall GST collections have been growing steadily and the revenue for May 2024 stands at Rs 1.73 lakh crore, around 10 per cent higher on an annual basis.
